- Very quiet day in Asia, HK and Shanghai holidays didn’t help
- Portugal’s Socialist government beaten in general elections
- IMF to deliver latest verdict on UK economic plans later today
- Australian inflation gauge steady at 3.3% per annum ahead of RBA tomorrow
- Australian job ads fall by most in 2 years, down by 6.5%
- Nikkei falls by 1%
- Gold $1546/oz, Silver $36.85/oz, Oil $100/bbl
Very little news of any importance broke over the weekend and this, along with the East Asian holidays, has ensured a very quiet session.
EUR/USD opened around 1.4630 but apart from a brief attempt in early trade to trigger stops above 1.4665, it has remained very quiet. Plentiful stops were also reported in pairs like EUR/JPY, above 117.90, EUR/GBP above .8925 and EUR/CAD above 1.4350 but the market lacked both interest and momentum. Range: 1.4620/56
USD/JPY traded a tight 25 pip range between 80.13/38 with some attempts to drive the JPY crosses higher early on being replaced by some mild risk aversion as the Nikkei broke support.
The AUD was quiet ahead of tomorrows RBA decision with the market pricing in only a 13% chance of a rate hike. Range 1.0722/65
Cable traded 1.6421/59, EUR/GBP .8890/.8913 and USD/CHF .8325/52
