== $ == Banks Orders Book == $ ==

[Abo Abdullah]

UBS sees more gains for USD/JPY

[Abo Abdullah]

EU Back to mid range

Bounce off bottom of range stalls ahead of 1.3080-00 offers
Fitch's downgrade of EFSF to AA+ has pair back to mid-point of s-t range
Mkt still somewhat directionless for now, hemmed between 100 & 200 DMAs
Dips sub-1.30 bought, result in long lower wicks on candles, bulls assert a bit
Stops above 1.3100 may have more impact than stops sub-1.2980/85

[Abo Abdullah]

EUR/USD - Earlier sovereign bids ahead of 1.30 cleared, stops underneath started to clear. Bids now showing up at that same big figure with stops growing again under 1.2990. Offers at 1.3090 with buy stops above 1.3100

[Abo Abdullah]

Repetition

Fitch downgraded the European Financial Stability Facility to AA+ from AAA.

It’s the sovereign debt firewall. Fitch says the move was prompted by the downgrade of France’s long-term rating on July 12

[Abo Abdullah]

EU spike indicates SHALLOW market

The euro just jumped to $1.3075 from $1.3044 in a matter of seconds, only to unwind most of those gains to $1.3052 now, according to EBS via CQG. Bill Samela, co-head of global foreign-exchange trading at BNY Mellon in New York, said the quick moves reflect a shallow summer market more than any significant shift in positioning. Investors are staying on the sidelines ahead of Bernanke's testimony on Wednesday. They aren't looking to put on large new bets after he triggered a selloff in the dollar last week with his comments, burning some investors who were long the greenback.

[Abo Abdullah]

AUD/USD - Bids left untouched at .9020 and .9000, stops underneath the big figure continue to grow in large size. Momentum funds also looking to sell if we break below .9000. Offers at .9120 through .9130, buy stops above .9150

[Abo Abdullah]

Danske Bank - New FX Forecasts

[Abo Abdullah]

Nomura - On Tapering, Positioning, Flows & Open Tactical FX Trades

Our strategy stance remains focussed on USD longs in G10. We are comfortable with long USDJPY (which we hold in covered call form), long USDCHF spot and long USD in a basket versus CAD, GBP, EUR and CHF. As well as longer-dated USD call spread vs CAD and EUR.

[Abo Abdullah]

Repetition

EUR/USD –Banks noted Start offers building at 1.3080/90 in good size

[Abo Abdullah]

EUR/USD – leveraged accounts and Real money noted Start offers building at 1.3080/90, with stops above 1.31

USD/JPY - Stops below 99.80 growing larger, bids at 99.50 and 99.20. Offers at 100.50 with buy stops above

[Abo Abdullah]

EUR/USD

[Abo Abdullah]

Citi's Trade Of The Wk: Buy USD/CAD On Positioning & BoC Risk

FX investors should consider buying USD/CAD this week, advises Citibank in a note to clients.

Citi's rationale behind this call revolves on two fronts: positioning and Bank of Canada (BoC) policy decision on Wednesday

[Abo Abdullah]

USD/JPY - Stops below 99.80cleared late in the session,now bids at 99.50 and 99.20. Offers at 100.50 with buy stops above

[Abo Abdullah]

Asia Market Report

EUR/USD
•Offers at 1.3090 and 1.3120
•Buy stops above 1.3100 and 1.3150
•Bids at 1.3000
•Stops below 1.2990

USD/JPY
•Stops under 99.80 were hunted late in the session with price quickly returning from that area after they were cleared
•Offers strong at 100.50
•Light buy stops above 100.10, large above 100.50
•Bids at 99.50, 99.20 and 99.00
•Sell stops below 99.70 and under the mid figure

AUD/USD
•Offers in good size at .9120 through .9130
•Buy stops above .9150
•Bids at .9020 and .9000
•Stops gaining size under the big figure

NZD/USD
•Offers solid at .7830 and .7880
•Buy stops in good size above .7840
•Bids at .7750 through .7730
•Sell stops under .7730

EUR/JPY
•Offers at 130.70, in better size at 131.00
•Buy stops above both offer levels
•Bids at 130.10 and 129.50
•Sell stops under 130.00

AUD/JPY
•Big offers at 91.00
•Buy stops also big above 91.00
•Bids at 90.60 and 90.00
•Sell stops clustered under 90.50

KEY NEWS
•New Zealand CPI (QoQ) expected 0.3% (22:45 GMT)
•RBA Monetary Policy Meeting Minutes

[Abo Abdullah]

Morgan Stanley: GBP/USD rebound has run out of steam; looking to short rallies towards 1.52 with a 1.4975 target