Overnight flows: AUD in big demand from leveraged players

Thanks very much Adam for this morning’s coverage, and Adam will be taking over for the next week whilst I take an ill-deserved break.

Reasonable flows reported overnight with the AUD the stand-out; leveraged players bought large amounts of AUD, against both the EUR and the USD. Stop-loss buy orders above 1.3085 in the EUR/USD helped the EUR leg but as Adam just mentioned, vital support looms in the EUR/AUD. Real money demand in EUR/USD was also noted, directly after the Spanish auction.