JPY: Although the greenback rebounded against the Japanese yen in part due to early announcement from Japanese government to raise limit of FX intervention to 195 trillion yen from 165 trillion yen in the 4th extra budget. The current pair still met good offers above 78.00 level and selling interest from exporters remain at 78.10-20 with stops remain above 78.30-40. On the downside, buying interest from Japanese investors is still seen at 77.60-70 with first layer of stops placed below 77.50, however, more bids are tipped further out at 77.20-30 with stops building up below 77.00-10 and 76.50 option barrier. Option expires today include 77.95 (200 mln) and 78.50 (200 mln).
EUR: A very quiet morning with price just hovering around 1.3000 level (where large New York cut options are located) and has recovered from sub-1.3000 level on the release of less dovish RBA minutes. At the moment, offers are reported at 1.3040-50 with some stops seen above there but larger sell orders are tipped further out at 1.3090-00 and further out at 1.3130-40. On the downside, mixture of bids and stops is seen at 1.2980 and more stops are placed below 1.2940 (with buying interests expected above this level).
GBP: The pair recovered in Asia on slightly improved risk appetite, however, mixture of offers and stops remain at 1.5550-60 and more selling interest is expected at 1.5600 and further out at 1.5620-30. On the downside, light bids are reported at 1.5490-00 with stops building up below 1.5460/65 and also 1.5430 but combination of bids and stops in good size remains at 1.5400-10.
CHF: The greenback found some support just below 0.9350 level and decent demand continued to appear around there, however, unless there is fresh round of rumors speculating SNB to raise EUR/CHF peg, selling pressure remains and offers in good size are still noted at 0.9400-10 with stops building up above 0.9415-20 and more sell orders are noted further out at 0.9450-60. On the downside, stops are building up below 0.9340, followed by mixture of bids and stops in better size at 0.9290-00.
AUD: Aussie has rebounded on dovish RBA minutes (suggest no strong need to cut rates), however, offers are still noted at 0.9950-60 with stops placed above 0.9980 and 1.0000 but fresh offers are likely to emerge around 1.0020-30. On the downside, first bids are noted at 0.9920 and also at 0.9890-00 with stops placed below 0.9880 and 0.9850-60.
