Quiet start to interbank trading week
The AUD did try to move a bit higher in very early trade, with talk of trailing stops above the market. AUD/USD has traded a 1.0401/25 range thus far in early interbank trade and is now back at its opening levels.
Looks like there aren’t too many big stop-loss orders close to the market with all of the other major pairings trading near their NY closing levels.
The EUR/JPY trend is the big talking point; the EUR is headed firmly higher and the JPY headed firmly lower, which is the classic cross-trade. I expect the Yen weakness to start easing at any time but the EUR strength may still have some legs.