MIDDAY SNAPSHOT
The USD was marginally bid on the session as the pullback in equities and weaker than expected round of US data in the form of ADP, Challenger job cuts and non-manufacturing ISM, forced an expected round of profit taking. A well know Swiss bank was out calling for a more dovish BOE and ECB on Thursday, which also was seen forcing some mild profit taking on long Euro and Sterling positions. Nevertheless, of the major currencies, Sterling continued to outperform into the London fix, while Aussie stood out as the weakest currency on the day. In the end, some fix related buying into the London close once again helped to bolster currencies off of their lows, despite the continued weakness in US stocks.
