FX momentum lacking today, but GBP volatility anticipated

Very little momentum in the market today, though we have seen some potential signs in the market that the USD could recover a little near term.  USD/JPY and EUR/USD are moving in a tight (negative) correlation, and though no aggressive direction of note here.  The commodity currencies are showing a little more intent, with CAD and AUD looking a little weaker near term – the former struggling to react with higher WTI.  Negative sentiment in the Pound has sent EUR/GBP back on a path towards .7900 again, and this is weighing on Cable, which ran into a wall of offers through 1.4500 last week.  This is likely to be where much of the action will be this week, with spot lows here extended to 1.4362 not too long ago.

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