Quiet Start to the Week Sees Currencies Stuck in Tight Ranges

The market took advantage of a number of bank holidays yesterday to take a bit of a breather with the majority of currencies sticking to recent ranges. The one big exception we saw at the start of trading yesterday was the Turkish Lira taking a thumping after some political wranglings between Ankara and Washington after a US embassy employee was arrested on suspicion of espionage. Turkey is now urging the states to rethink it’s position on banning visa’s and traders will be watching the situation closely with a view on a retracement of the move if the US relents.

Looking ahead to today’s trading and once again it’s pretty quiet on the data front and with just the NAB Business confidence out in the Asian session and the UK Manufacturing numbers later on. (You may be experiencing a touch of deja vu with that line as we’d jumped a day ahead yesterday – Ed)

With another quiet data day ahead, traders will be expecting more range bound markets but will keeping a close eye on the news wires as they have been the main catalysts for the big moves in recent weeks. It’s been noticed by a few keen observers that it’s a major holiday in North Korea today -Korean Workers Party founding day and they have been using major holidays to test missiles etc recently, so maybe break trades in the safe haven currencies is the way forward today.

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