European Session: Orders and Options Watch

EUR: Despite yesterday's retreat to 1.2931, the single currency turned back higher on back of dollar's broad-based weakness as Fed decided to keep rates low until 2014, stops at 1.3070 and 1.3100 were triggered and offers are still noted from 1.3130 up to 1.3150 with more stops reported above 1.3150 option barrier but selling interests from U.S. names are tipped further out at 1.3160-65. On the downside, bids are noted at 1.3050-60 and also 1.3000 with stops building up below 1.2930 and 1.2900.

GBP: The British pound found renewed buying interest at 1.5531 yesterday and has risen again in tandem with euro on dollar's weakness across the board, stops above 1.5630 and 1.5650 were tripped, however, offers are still noted from 1.5680 up to 1.5700 and further out at 1.5750-60 with bigger stops placed above 1.5770-80. On the downside, bids from various parties (including Middle East names) are lined up from 1.5650 down to 1.5600 with some stops seen below 1.5590, followed by mixture of bids and stops located further out at 1.5530-40.

CHF: The greenback ran into heavy offers yesterday at 0.9340 and fell again from there as Fed left rate unchanged and will keep rate low until 2014, stops below 0.9270, 0.9230 and 0.9200 were triggered, however, some bids by Eastern European names are still noted at 0.9165-75 with more stops placed below 0.90150. On the upside, offers from U.S. names are lined up from 0.9230 up to 0.9270 with some stops building up above 0.9320 and 0.9350.

JPY: Despite rising to 78.29 yesterday (exactly the same level as it tested back in Nov 2011), once again the greenback met heavy offers there and has retreated sharply overnight on Fed's decision to keep rates low until late 2014. Stops below 77.50 and 77.30 are now in focus but more buying interest is expected to emerge from 77.00 down to 76.80. On the upside, offers from exporters are lined up from 77.80 up to 78.20 with sizeable stops building up above 78.30-40.