FX Flows

From the FXWW Chatroom: The first currency pair to kick off the week was UsdJpy. Ended New York at 100.22, first printed 100.40 and rose to 100.83. We saw an American name paying aggressively in the 70’s, suspect for stop loss orders. Dollar got to 100.90, heard offers 101.00, slowly backed off to 100.60’s. Hearsay Japanese retail sold UsdJpy down to 100.49 right at 7.00am Tokyo. Those who went long earlier today seen cutting out as Usd reached 100.285. Broad Usd demand started rolling after Asia opened – UsdJpy returned to 100.70.
During the first 3 hours, Aussie dollar and the Kiwi were most boring couple in G10 space. Aussie, which ended NY at 0.7627, opened up at 0.7602 and ranged 0.7599-0.7615. Nzd was like 0.7250-60. Price actions picked up towards the Tokyo opened that drove the couple lower. I heard participation came from US leveraged names. AudUsd bids are reported at 0.7550; 50-Day SMA at 0.7544. Took the Kiwi some effort to print 0.7222.
Cable opened at 1.3040, traded up to 1.3083 and despite the Usd demand across the board, this has held well. There is a chatter of offers atop 1.3090 and buy orders 1.3020.

UsdCad move feels weird. The pair is bid but seemed to struggle above 1.2910-20. I suspect there are hidden offers atop. Oil futures are offered this morning and we might need some European help to pull this through.

UsdSgd advanced to 1.3524. Note that the 100-Day SMA is at 1.3543. Several Asian macro funds like this pair the most when it comes to long Usd/Asia position.
(CIBC)
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