Usd selling this morning is facilitating counter-trend moves across the board. In particular, Gbp seems to be driven by M&A flows (Mitsui buying Amlin & Tesco selling it's Korean business unit to MBK).
Worse Chinese trade data left little initial impact on risk sentiment overnight, Euro & Jpy were initially stronger until downward revisions in Japanese GDP generated some weakness in the Jpy. Usually Jpy doesn't react to domestic data, so this means that market participants believe further easing is a possibility if data continues to disappoint.
For now, these moves we're seeing this morning can be considered retracements against the broader trend. Key levels still in place on the cleaner instruments, as illustrated in the charts below:
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