• EUR/USD: Sovereign names both sides; bids at 1.2580/90, offers 1.2720/30
• Cable: Two large hedge funds have been main sellers over last 48 hours. Offers still noted around 1.5480. Downside seems fairly light until stops noted below 1.5290.
• USD/JPY: Trailing stops noted above 85.00; Corporate offers starting at 85.25/40. Not hearing much in the way of bids at this stage.
• USD/CAD: Sovereign sellers noted overnight at 1.0650; further offers starting at 1.0700 (same names who bought at 1.0200 and below)
• EUR/CHF: Option protection ahead of 1.3000