Currencies report

AUDUSD:  There was large sell off towards closing hours from 1.0260s to below the major support at 1.0165. It however reversed during the final minutes before market close to close above 1.0165. Pair remains bearish especially now because it broke through a very major support level. Below that level risks a quick 200pip drop to below parity. Offers from macrofunds still solid between 1.0280/350 level and might to hold off bullish pressure. Bids from sovereigns were filled easily at around 1.02000 level and the pair dipped circa 50pips below the level. Global financial conditions still favor downside for the pair alongside  continued European woes.

GBPUSD: Bids from Middle east sovereign name notable circa 1.6025/55 area. Sell stops from CTAs seen through  break of 1.6075 level. ACB was seen offering above 1.62000. The level is pivotal for the pair as above that targets 1.6250. Light offers seen circa 1.6230 with technical resistance circa 1.6260/70 area, an area where china had earlier short at.

EURUSD. Pair rose above 1.30000 being mainly pushed by an ACB alongside US custodial names. Dutch names and Real money funds were seen shorting into the rally but break of 1.2970 triggered a round of CTA buy orders helping push the pair to hit stops above 1.3010. Barclays reporting that there are offers between 1.3030/80 on their order books. Below 1.3000 will be bearish for the pair. Above 1.3000 will likely help continue the bullish trend on the pair. 

JPY crosses saw a bit of profit taking on Friday after BOJ failed to announce additional easing. Flows from very major US and Swiss banks had been seen on Thursday helping push the crosses up.Semi-official bids seen into 78.25 with decent sized offers reportedly at 78.70 in usdjpy