Forex Flash: Price action is more about position adjusting than the news stream - BBH

News that S&P was changing its rating outlook for Portugal from negative to stable may have helped spur some euro buying, says the BBH team. "However, the wider-than-expected Australian trade deficit (A$1.057 bln vs. consensus of A$500 mln) did not stand in the way of the Australian dollar's recovery", they comment.

"Together it would suggest that the price action is more about position adjusting than the news stream", BBH commented.