EUR: Other things being equal and barring unexpected news a consolidation day seems on the cards. Support expected back towards 1.1350/60 with resistance towards Fridays cycle high of 1.1468.
JPY: Q1 GDP figures from Japan tomorrow evening may well lead to calls for additional easing sooner rather than later, but for the reasons outlined previously action later this week is not expected. Support on the session comes in at 119.20 ahead of 118.88 with resistance 119.90/95 then 120.30.
GBP: Positioning post the election has been most concentrated via the crosses and as we highlighted last week had begun to show signs of faltering – stops in EURGBP through 0.7250/60 Fridays main flow. Cable support 1.5690 then the 200dma at 1.5601, topside 1.5815. EURGBP 0.7205 – 0.7300.
AUD/NZD: With little on the US leg today, we are inclined to fade the Aussie move after Lowe’s speech given little new was offered, though balance against other dollar longs. Levels to watch: AUD support at 0.7950 and 0.8090/0.8100 resistance. NZD support at 0.7318 with resistance at 0.7500.
Citi: EURUSD shorts were trimmed aggressively again, a continuation of the abrupt reversal since end March. EUR position on the CME is now back to end December level, before the ECB unveiled QE.