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Good morning,

Despite weak US housing starts and a disappointing Goldman Sachs earnings report, the US equity markets managed to turn around on the back of some rumours the Fed may embark on a new quantitative easing program by reducing the interest payment on excess reserves from 25bp to zero which was denied later on CNBC.

EURUSD after staying above 1.2925 in Asian Session, rallied up to 1.3029 by London opening and triggered the most of the SL odas except the ones above 1.3040. EURUSD started to trade heavily with no reason after ACB and Mid-East sold above 1.30. Breaking 1.2935 triggered further downside trading and 1.2839 was printed as o/n lows as US housing starts falling beyond the market expectations.

BoC raised the lending rate by 25 bps to 0.75% and USDCAD printed the lows at 1.0423 after trading above 1.0540.

AUDUSD rallied from 0.8715 to 0.8815 and with the collapse of EURUSD tested the post-RBA minutes lows once again before rallying 135 pips.  0.8848 the o/n highs at the moment while 0.8855/65 area holds it firmly as a strong resistance.

Fear leads to anger.

Anger leads to hate.

Hate leads to suffering.

I sense much fear in EU.

The world was on fire
No one could save me but you.
Strange what desire will make foolish people do
I never dreamed that I’d meet somebody like you
And I never dreamed that I’d lose somebody like you.