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Some decent flow in the FX markets today, not least of all in Cable, where we got another knock back through 1.4100 later in the day. However, selling was accompanied by that in EUR/USD (initiated by a weak business climate index in the Feb German IFO), which despite reports of strong bids from 1.1000, managed to break the figure level, though could not push through further bids lined up through to 1.0950. EUR/GBP was held above .7800 for most of the session though, as the UK referendum nerves continue to weigh. The broader risk theme was also on the negative side, not significantly so but enough to pull USD/JPY back under 112.00, but losses were contained to 111.75. Cross/JPY losses have contributed to this to a larger degree, largely from EUR/JPY and GBP/JPY. USD/CAD is looking to the upside again, finding decent bids ahead of 1.3700 despite buoyant Oil prices through early London. WTI (and Brent) took a hit later in the day however, after the Iran minister called the production freeze ‘laughable’, while his Saudi counterpart called for prices to be dictated by free market forces. Elsewhere, AUD has lost its shine a little, but looking resilient once more, and clearly outperforming the NZD. EUR/CHF testing through near term support levels; SNB Jordan reiterated central bank readiness to intervene.
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