As expected it was a relatively quiet day for the markets yesterday after the fun and games of Friday night. The majority of the currencies stuck to familiar tight recent ranges but we did see further profit taking in the Euro which took it down a further 80 pips on the day against the dollar. This move helped the dollar index gain further ground back up towards 92.40.
Commodities remained buoyant and this translated through to their correlating currencies keeping them bid around recent high levels despite the rebound in the dollar.
Looking ahead to today’s market and we have Japan back from holidays in the Asian session which should help with liquidity and flow, however it is incredibly quiet across the sessions today in terms of economic data releases with just third tier data due out, so traders will be expecting the market to continue to trade in line with recent drivers and sentiment. This should lead to more range bound conditions unless anything fresh hits the news wires.
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