Just picking up some of the chatter from the NY market on Friday night and there was talk of some heavy stop-losses below the market, with the heavy orders below .8300 rather than the recent .8325 low. Some of the big Middle-Eastern players are quite active in this cross and they were increasingly busy towards the end of last week. The range in NY was only about 25 pips so I don’t expect the Asian market will be able to drive the cross very far; it will take the big guns out of London to do that.