FX Update- EUR/USD
EUR/USD posted N.Y. session lows under 1.4840, as dealers suspect the pairing is largely being dragged lower by ongoing cable selling interest. Sterling is now on fresh lows, approaching the 1.8650 level, where more sell-stops are rumored to be parked. We have heard talk of Russian name selling of EUR/USD from the 1.4885 level, and from here, sell stops are said to be building at 1.4810, just under Tuesday’s lows.