Unless we get some unexpected breaking news, flows and orders are likely to dominate proceedings in Europe and I would expect the crosses to continue to dominate. There will be positional adjustment ahead of the BOJ tomorrow and corporate flows will also be heavy for the beginning of the quarter. I’m sticking with my long-JPY positions and elsewhere perhaps buying EUR or one of AUD,CAD or NZD against the GBP also looks like a trendy trade.
