US Session: Orders and Options Watch

EUR: The single currency was hovering around 1.3100 in early European session, however, demand from real money accounts (also in EUR/JPY) emerged below 1.3100 level and lifted the pair back above 1.3150. At the moment, offers are still noted at 1.3180-90 with stops remain above option barrier at 1.3200 and more sizeable stops are placed above next barrier at 1.3250. On the downside, bids remain at 1.3100 (option related NY cut) and more buying interests from Middle East names are tipped from 1.3080 down to 1.3050 with stops seen below 1.3050 but more buy orders are expected at 1.3030 and 1.3000 (another option expiry).

GBP: Although the British pound retreated from yesterday's 5-week high of 1.5735, cable found renewed buying interests from Middle East and Eastern European names this morning in Asia around 1.5661 and has rebounded again in London, however, offers are still noted at 1.5730-40 with stops seen above 1.5750 barrier and more selling interest is expected to emerge around 1.5770-80. On the downside, bids from same parties are lined up from 1.5660 down to 1.5630 and also at 1.5600-10 with stops building up below 1.5600, 1.5550 and 1.5530.

CHF: After rebounding from yesterday's 8-week low of 0.9157, the greenback met offers around 0.9225-30 and retreated in European session, however, cross-related bids (related to 1.2050 EUR/CHF) limited dollar's downside so far and buying interest remains at 0.9150-60 with stops building up below there and further out at 0.9100. On the upside, mixture of offers and stops is located in the region of 0.9230-50 and more selling interest from European names are reported further out at 0.9300 with bigger stops placed above 0.9340-50.

JPY: Dollar has remained under pressure and bids at 76.90-00 are filled and although bids in good size are still noted from 76.70 down to 76.50, stops below option barrier at 76.50 are now in focus but more buying interests are expected to emerge around 76.30 and 76.10 with bigger stops placed below next barrier at 76.00. On the upside, exporters' offers are lowered to 77.20 and also at 77.40-50 with stops placed above 78.00 and also 78.35-40.