The risk-rally continues to pick up pace and not all currencies are being treated a like. EUR/USD is hardly moved (1.3330) while commodity pairings like AUD/USD (1.0443) and USD/CAD (0.9890) are making significant moves late in the session.
Even the pound is bouncing nicely, back up to a lofty 1.6040. While GBP/USD does not seem to be a great value up here but the market has been working from a short position and is getting squeezed once again. Upbeat UK PMI data this morning is icing on the pound’s cake. Offers are seen at 1.6060/65 and again at 1.6090/95; stops are above 1.6100.