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

[Abo Abdullah]

EUR/USD - Offers at 1.3200, but stops above 1.3210

AUD/USD - Offers at .9250 holding a cap on this pair

Some USD weakness noted so far, but more guidance expected from Q&A session at 10 AM ET

[Abo Abdullah]

Bank of Italy lowers 2013 growth estimate

•Bank of Italy lowers 2013 GDP forecast to -1.9% from -1.0%
•Sees 0.7% growth in 2014
•Sees downside risks linked to global uncertainty and weak credit conditions
•Sees unemployment rising to nearly 13% in 2014

The 2013 forecast brings the Bank of Italy into line with private forecasters, who see -1.8% growth so it’s not a big shock.

[Abo Abdullah]

EUR/USD

[Abo Abdullah]

EU Big Ben has dip buyers SMILING

BB says still expects to reduce QE but could change plans if econ falters
USD soft across the board & recent EUR/USD dips buyers rewarded
Pair hits 1.3179 where Asian & leveraged offers cap the spike
Little pullback seen so far as s-t dips are bought
Stops through 1.3200 & may be run if no pullback soon
Through 1.3200 sees 1.3255/60 test

[Abo Abdullah]

USD/JPY - Large stops under .9900 under threat as USD continues to fall

AUD/USD - Australian accounts have large stops reported above .9310

AUD/USD - Asian account offers at .9310, but buy stops clustered near .9300

[Abo Abdullah]

USD/JPY - More reports of large stops through 98.80

[Abo Abdullah]

EU Techs sticking with SHORT

1.3174 fails to cap spot, our stop is above the Jul 11 1.3208 high
There is still scope for a test of the 200-dma @1.3078
Gap between 1.2949 & 1.2966 should continue to draw spot
Short @1.3150, but be careful as daily momentum is now positive

[Abo Abdullah]

Bernanke live at Bloomberg TV

[Abo Abdullah]

USD/JPY - Offers stretch to 100.10 and then stops begin to kick in. More stops above 100.30.

EUR/USD - Bids are medium-sized at 1.3080 with stronger ones at 1.3060/50

[Abo Abdullah]

EUR/USD

[Abo Abdullah]

Barclays - Sell EUR/USD At 1.3085...Stay Bullish USD/JPY For 101.60...& Other FX Strategies

The following are the latest technical outlooks and strategies for EUR/USD, GBP/USD, USD/JPY and AUD/USD as provided by the technical strategy team at Barclays Capital:

EUR/USD: The move towards 1.3200 has provided better selling levels. We would sell on a break back below 1.3085 or on a test of 1.3200 with a stop above 1.3350, strategically targeting 1.2750/1.2800 area.

USD/JPY: The market is maintaining range between 98.85 and 101.15 keeping our view neutral in the short term. Medium term, we are bullish towards 110.60 though the risk is first for a choppy sideways range to unfold over the summer.

GBP/USD: We are turning bearish in small capacity. A crossover on the 21 and 100 day averages is a piece of bearish evidence, along with the medium-term bearish trend. We expect a return to 1.4810/30 in the coming weeks.

AUD/USD: The market closed above its 21-day average for the first time since April, forcing us to turn neutral (from bearish). It would take a move above 0.9350 to turn bullish, expecting a stronger short covering bounce towards 0.9610. On the downside, a move below 0.9120 is needed to be marginally bearish.

[Abo Abdullah]

EUR/USD

[Abo Abdullah]

Commerzbank - USD/JPY Topside Capped By Fibo 101.60; Stay Short For 95.40

USD/JPY remains below its 101.60 78.6% retracement and attention remains on the base of the cloud circa 98.15, says Commerzbank.

"It remains sandwiched between these two levels, but we suspect that overall risk is on the downside. Should the base of the cloud be eroded, it will leave the market under pressure and likely to slide back to 96.75/95.40 en route to the 93.75 recent low," CB adds.

In line with this view, CB advises clients to maintain the remainder of short USD/JPY positions from 101.13, and 100.80, with a stop at 100.55, and a target at 95.40.

[Abo Abdullah]

EUR/GBP - Stops in good size below 0.8620 and 0.86 start to strikes

[Abo Abdullah]

UBS - S/T Outlooks For EUR/USD, USD/JPY, GBP/USD, & AUD/USD

The following are the latest technical outlook for EUR/USD, USD/JPY, GBP/USD, and AUD/USD as provided by UBS

EUR/USD: (Bearish) With the MACD still below its zero line, the broader risk remains for the pair to resume downside. Support is at 1.2981 ahead of 1.2755.

USD/JPY: (Bullish) With the bull trend intact, focus is on resumption of upside, with resistance at 101.53 ahead of the key resistance at 103.74. Support is at 98.2.

GBP/USD: (Bearish ) There is a strong resistance at 1.5283; which should be held on a closing basis. Initial support is at 1.5018 ahead of 1.4814.

AUD/USD: (Bearish) With the bear trend intact, upside should be limited with a strong resistance at 0.9333. The broader focus is on the move below 0.8999 to test the critical 0.8771.

*NOTE: The trend for each currency pair as defined above is determined by UBS proprietary model and is independent of its discretionary interpretation of price action.