All the action was setting the stage for the fixing

Using the rear-view mirror, the market played the fixing pretty well. Dealers look to have pushed up AUD and GBP, two of the currencies we’ve been highlighting as being in demand for month-end rebalancing, and sold them out at the fixing. This made the actual fixing relatively uneventful but the run up to the fix was the main event.

Look for very erratic trading for the balance of the session as many liquidity providers wide down exposures in preparation for closing the books on July.

AUD/USD trades at 0.9050 after holding below 0.9069 highs, GBP/USD trades at 1.5670 after making a new trend high at 1.5677.