The reported barrier option at 116.00 is now history 12 Dec Sustained USD demand and yen weakness on firmer oil prices has seen a steady ascent this morning to 116.12 taking out a reported barrier option at 116.00. Fresh exporter supply above there though has seen a retreat to 115.83. I've take another short around the barrier level as is my customary jobbing play which also worked on Friday at 115.22 with that dip back below 114.70. I think the pair is fundamentally underpinned on Fed expectations and firmer oil but there's still a big part of my gut feeling that says it's all overdone and the FOMC may yet ... (full story)