• NZD retail sales and Australian consumer confidence are the only releases of note on the economic calendar:
  • Risk aversion remains reasonably high in the face of uncertainty in Greece, Spain and the US:
  • Higher than expected inflation data out of the UK and Spain only adds to uncertainty:
  • Market positioning remains relatively low and momentum/confidence is also seriously lacking:
  • Big players continue to dominate with the market unable to break through order levels:
  • USD/JPY; still consolidating above option protection at 79.00, intraday flows depend on short-term sentiment changes, election talk could be Yen-negative:
  • EUR/USD; option protection ahead of 1.2650 barrier provided the base, short-term sentiment swings on EZ headlines:
  • AUD/USD; also dominated by large orders/flows either side of the market, reserve managers buying dips and asset managers selling into strength.