• USD/JPY is leading the way and with the Japanese corporate community significantly over-hedged, the path of least resistance still seems to be higher.
  • Cable has also broken lower but needs to take out weekly lows at 1.5250 in order to really gather some momentum.
  • USD/CAD could well be one of the next big movers if Prime Broker reports can be trusted with long-term positions being evaluated.
  • AUD/USD positioning is reportedly extremely lopsided and despite the presence of reserve manager bids, a break below 1.0150 could really set off some positional adjustment.
  • USD/CHF is probably wishful thinking on my part but I think the long-term USD/CHF down-trend is just set to retrace.
  • EUR/USD is probably less likely to make any big moves lower with EUR demand on the crosses likely to keep it range-bound.