In a rare press conference, PBOC indicated last night that the Yuan is near its target rate, after devaluing for the third day in a row. This removed some uncertainty from the market that started to price in larger devaluation. Thus we saw the Yen reverse course, as this the Euro.
Unfortunately my short Euro was stopped yesterday around 1.1190. I assumed I was still in this trade because with 100:1 leverage you don't get stopped until you're 70-80 pips in the red on most brokers. Trying to work out the problem with support.
In the meantime I've gone short the Pound at 1.5606. Price action indicates more losses are to come for Cable. If the PBOC keeps its word and stops intervening, we may go back to quiet summer trading from tomorrow.
Unfortunately my short Euro was stopped yesterday around 1.1190. I assumed I was still in this trade because with 100:1 leverage you don't get stopped until you're 70-80 pips in the red on most brokers. Trying to work out the problem with support.
In the meantime I've gone short the Pound at 1.5606. Price action indicates more losses are to come for Cable. If the PBOC keeps its word and stops intervening, we may go back to quiet summer trading from tomorrow.
