What do the BIG trade intraday

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bought 135 eurusd 67/70 area for a trading corp cutting shorts

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The USD continues to slide, against commodity linked currencies in particular. AUD and NZD have now gained over 2pcnt from Fridays low, and the CAD is also performing well in, light of the upside surprise to CA Retail Sales. Price action is consistent with the notion that positions were largely squared in this space between Wednesday and Friday. It would not surprise me at all if AUDUSD were to make new YTD highs this week - would be an impressive feat, given the bearish mindset the short term market had as of midday Friday.

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he market bouncing well from Friday's low just above the 55-dma. The only real level to work with above here the old high from 26th October at 1.5064.

As have talked about before think a close above there if we can get it would be a big signal as all of the successful double tops over recent years have never seen the market close above the initial high.

Next pivot region beyond there would be 1.5285-1.5325 (base of the early-'08 consolidation and the target implied by the '92-'95 comparison).

With Gold remaining well supported and the intraday chart of EURUSD looking like a bull flag, chances of a break to new highs look pretty good.

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gd mng... chinese stocks taking a whack overnight on the china banking regulatory story causing a short term selloff in currencies. eurusd held v good resistance @ 1.500 yesterday where there were rumours of large sovereign and real money offers. Short term think 1.4875/80 will be supportive and below there 1.4800 will be v good support , which was last week's low as well as the 55 day moving average. uptop 1.500 and then 1.5050/65 remain key resistance.. still favour buying dips

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RUB basket stable at 35.24. Small buying interest from Switzerland this AM was more than matched of by OIl men selling hard ccy. CBR still at 35.000 we believe and favour remaining short dollars until that area. Today we have %rate meeting. Reference rate is 9.5% now, we pressume 50 bp cut later and eventually more cuts on top of this going forward. It is tricky to quantify the amount priced now. We still favour playing a received position.

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GBP; Things are not as rosy in the garden of risk this morning as they were yesterday. S&P raised fears over the health of some major banks (according to new RAC measures), West LB has called an emergency meeting to address its poor capital situation and concerns that China may tighten its capital controls have led to a sharp reversal in risk currencies. Nearer to home, the OECD confirmed that Britain is lagging behind the rest of the world’s leading economies and Mervyn King is due to testify to the Treasury Committee which is unlikely to be positive for the currency and at the very least he will probably indicate that the QE programme is not necessarily near its end. As far as trading goes, we remain bullish for eurgbp, but think gbp weakness is best expressed against usd, especially if the support at 1.6460 fails. daily report in your inbox

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with so much focus on gold.. quick view from the gold desk....

we find the early mning px action reasonably encouraging, particularly given the large amt of buying that we saw yesterday ahead of the muich talked abt 1200 expiry last night. We're still trying to play from the longside, although think it will be a little choppier now as year end illiquidity begins to kick in. Initial target on the topside 1175, then 1200. Stops sub 1130 now we think.

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fund aggressively paying us for eur/gbp

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Looks like EURGBP is paid all around after KING comments

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Buyers of EURGBP continue to pile up here. Systematic fund and corps the most recent sightings...

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Quick EUR from trading - we are seeing better buying from leveraged accounts in the past few minutes- either adding or putting on new risk benefitting from the dip in spot this am

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Quick comment from trading - Risk related currencies in G10 space continue to recover their Asian losses versus the USD. We have been better buyers of AUDUSD in particular this morning for Leveraged and Spec accounts. Expect resistance at .9258 (10dma) in AUDUSD and .7325 (21dma) in NZDUSD.

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JPY Update: Looks like the last bit of buying interest has been filled, macro names the main sellers, short term prop trader stops have been taken out behind the bid at 50. The next order level from the Japanese customer point of view is 88.20/30 and this is very much a mixed bag of Importers and Japanese prop trader take profits .
We have seen further options related buying around here - we look to take out the 88.00 lvl

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rumor 45 cons. conf.