Daily FX Wrap: Some USD comeback of note, but nothing too aggressive. GBP on the rack again, with the commodity curren

A fairly quiet session overall, but notable for some USD claw-backs after last week’s FOMC induced sell off.  Sharp gains were seen in Cable at the time, but since tipping 1.4500, the pair has been looking pretty heavy, and after the IDS resignation over the weekend, sellers have been out in force.  EUR/GBP has pushed higher accordingly, having based out in the low .7700’s, but resistance hit up at .7835-40.  Elsewhere, we have seen tentative gains in USD/JPY, though trade here cautious given last week’s breach of 111.00.  Equity markets were pretty quiet, so there was little direction to glean, and this may spread through the rest of the week heading into the Easter break.  The commodity currencies have slipped a little, with CAD struggling to reclaim ground despite WTI back on a $41.0 handle.  AUD has also been knocked back a little, and is threatening a deeper correction after stopping 20 ticks shy of .7700 at the end of last week.  Emerging markets seeing calm across the board, with CNH and CNY rates up off lows, but comfortable enough to stay out of focus for now.  Activity should pick up Tuesday however, with the IFO survey in Germany and inflation stats out in the UK. 

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