Solid selling interest was reported earlier at 1.0390/95 and that’s probably enough information to encourage intraday longs to book their 25 pip profits and give up for the day. I’m guessing that local interbank dealers bought some extra for themselves whilst the earlier corporate buying was going through and they’ve now started taking their profits. It ain’t sophisticated but it’s effective! Session highs were at 1.0378 and we’ve now slipped back to 1.0365.
By: Sean Lee