More lows overnight; stops drive trade into next technical support. After all is done today the rate is unchanged from US opens. Option barriers reported on the dip but those are cleared. Model accounts seen selling the rate under the 1.2800 area. Official interest noted traders say but rate continued to sell-off.

OK to look to the buy side now; rotation off the lows will likely signal a near-term bottom. Rate is an absolute screaming buy in my view—I can't see further weakness being ignored by the buyers. Oil two-way spills over into pricing and if oil rallies it might take EURO with it. Traders note stops building above the market along with offers.

Follow-on selling surprises to the downside; stops cleared and orders thin. Traders note solid bids but offers remain. Rate at new support level but ranges appears wider. Drop under the 1.6500 handle finds light stops. Monthly lows give way as sentiment won't rally.

Traders note quality bids on the dip suggesting a bottom is in here somewhere. Aggressive traders can buy anytime but expect more whippy action. Follow-on selling likely from technical's but spillover strength from EURO likely to be better to end the week.

The USD continued to advance against most majors but lost ground against Yen to end the day mixed and at new highs for the year. Stops were triggered in thin trade traders report suggesting that some bottom-picking has been done recently but the relentless one-way USD advance today made quick work of the USD bears today. Traders report that conditions were horrible and volumes almost non-existent suggesting that a potential bottom is once again forming.

With most traders focusing almost exclusively on liquidity, bank lending and the financial crisis, it appears evident that finding a USD bear will be hard work. In my view, the charge higher by the USD is suspect because it can't last due to the underlying fundamentals being what they are.

More lows late New York; stops drive trade into next technical support. Option barriers reported on the dip. Official interest noted traders say around the 1.3250 area on the break with stops driving the dip lower.

OK to look to the buy side now; rotation off the lows to hold above 1.3350 suggests a near-term bottom. Rate is an absolute screaming buy in my view—I can't see further weakness being ignored by the buyers. Oil two-way spills over into pricing but rate firm despite lower oil. Traders note stops building above the market along with offers.

New low late trade today; pressured lower from stops and general technical selling. Light UK data no help overnight; traders note middle-eastern names on the bid as the rate drops.

Today's action again very two-way; stops under the lows drive trade also. Drop under psychological support at 1.7000 challenged again. Rate at buy zone now but range appears wider. Drop under the 1.7200 handle finds light stops. Monthly lows give way as sentiment won't rally.

Traders note quality bids on the dip suggesting a bottom is in here somewhere.  Aggressive traders can buy under 1.7000 area but expect more whippy action. Follow-on selling likely from technical's but spillover strength from EURO likely to be better to end the week.

The USD continued to advance against the majors today as stops under recent lows were triggered in thin trade; traders note two-way trade early overnight gave way to additional risk-aversion trade as desks reported USD buy-side interest into the London fix.

After the noon hour traders note that the majors continued to drift lower as sell-orders and stops continued to pressure EURO and GBP into lows. Equities were under pressure after an early rally failed and USD/JPY dropped to new lows as exporters and Japanese lifers were seen on the offer late European trade and early New York. Semi-official names and sovereigns were on the bid for EURO and GBP early traders say but support evaporated as the day went on.