Range trading has defined the European morning today. EUR/USD pushed above the 1.4300 level in Asian hours, however, the gains were reversed and a narrow 1.4255 to 1.4285 range has ensued. The JPY is moderately higher across the board on the back of speculation that Japanese investors will repatriate earnings from US treasury redemptions and coupon payments. However, the JPY is now trading off its best levels vs the USD, the EUR and the GBP. While the AUD was hit overnight by news stemming from China, some of these losses have been reversed during European hours. Full text »
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