AUD/USD: Not much momentum

Bloomberg pricing issues may be slowing the price action down. By contrast, commodities are just starting to feel the liquidity addition. BOE adds GBP50bln to its QE program. ECB Draghi says the ECB will announce collateral changes at 14:30GMT and that there are downside risks to growth. Precious metals up just under 1%, copper up a bit, and WTI is flirting with $100/bbl again. NYSE opens up so expect some models types to try to play downside in crosses but the lack of momentum and uncertainty over the pop in China CPI is keeping many sidelined,. Macro offers layered between 1.0825 and a 1.0850 barrier. More barriers above. Support 1.0770. For CAD fans, it may be worth taking another look at the downside in the cross. 1.0800 is key resistance and 1.1089 was the high back in 1996. Also, there is the sense that US growth may be slightly better than what the Fed is leading on to. Though the cross may not collapse, progress will likely be slow. Hence selling upside strikes becomes more attractive.When is slides, watch out.

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