ForexLive North American wrap: One-way street

Large moves continue in EUR, GBP and JPY Greece launches PSI deal, needs more than 75% participation ECB's Weidmann: no discussion of another LTRO ECB's Nowotny sees no need for more LTROs COT: EUR speculative shorts scaled back Germany softens on firewall Plosser says MBS buys crosses line Dudley says govt needs a fiscal plan Fed's Williams not against further easing Bullard: Prefers Treasurys to MBS but only if inflation falls IIF's Dallara expects high take up in PSI US new homes sales 321K vs 315K exp Final UMich consumer confidence 75.3 vs 73.0 exp BOCs Carney: Rates appropriate IAEA says Iran continues nuclear work Brent hits $125.55, WTI nearly $110 IMF's Lipton says high oil prices a downside risk S&P 500 +0.2% to 1366, highest since June 2008 Where to start? EUR shorts and JPY longs were squeezed badly. EUR/USD continued to bust through stops, tracking from 1.34 to 1.3487 in US trading. USD/JPY touched 81.11 at the end of the session, marking a weekly close above the weekly ichimoku cloud. Offers at 80.65 held off the assault until the European close but afterwards it was all to the upside. EUR/JPY hit 109 after starting the day at 107 and it was almost a straight-line move. Large position unwinds in EUR/AUD spilled over to AUD/USD and held the pair under 1.07. Flows were a major theme as yen and euro crosses triggered moves elsewhere. Gold was quiet but oil gained for the seventh day, falling just short $110 in another one way move.