It’s going to be a weird old week this week. We have a European (excl UK) holiday on Wednesday mixed in with Chinese and Japanese breaks but plenty of economic data including rate announcements and non farm payrolls.
We have all the ingredients for making this a chop fest, i.e short spurts of data driven volatility followed by large spells of consolidation and boredom.
We’ve slipped into bored mode at the moment.
USD/JPY has been seen off by sell orders at 98.00. This is the second time of asking since earlier this morning and the retreat this time has been shallow.
GBP/USD is still not willing to take on the barrier at 1.5550 as we slip down to 1.5520.
EUR/USD having kissed 1.3100 is managing to hold onto the overnight gains and a move above the big figure looks on the cards
AUD/USD is shrugging off earlier rate cut talk and is continuing its slow grind higher from sub 1.0300 overnight. Good offers at 1.0350 look likely to cap any rally for now but bids( pointed out by Mike earlier) coming in at 1.0310 and 1.0300 look set to keep the market on the up
USD/CHF Since rejecting the upper trendline at 0.9500 last week it’s been virtually one way traffic for the pair despite continued strength in EUR/CHF. That said, the euro is starting to look a bit weak against the swissy and cannot get another foothold above 1.2300.
