The European session began with a better risk sentiment outlook. The Far East markets were higher aided by renewed rumors that China would again cut its RRR rate but such sentiment faced headwinds ahead of key auctions from Spain and France.
The EUR/USD remained contained within its July range with the 1.2330 level initially approach but held again. Dealers were unable to gun for alleged stops building in the pair above 1.2330-50 area. The soggy Spanish auction results helped to cement the resistance once again.
The USD/JPY moved below the bottom of its recent range to test 78.50 before consolidating. The stronger JPY would likely to provoke more verbal intervention from Japanese authorities.
The GBP/USD was softer following its retail sales data for June. The pair tested below 1.5650 after failing to take out 1.57 handle earlier in the session
AUD/USD held above the 1.0400 region after renewed reports circulated that the German Bundesbank was expected to purchase AUD currency for its reserves in Q3
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