All quiet to start the session, focus on the ECB

Author: Justin Low | Category: News

Not much movement in markets to start European morning trade

Stocks are keeping lower for the most part with US futures seen down by ~0.7% but that isn't leading to any major moves across markets for the time being.

E-minis 16-07
In the major currencies space, the aussie and kiwi are lagging as such but there's no hints of any meaningful extension to the ranges today.

EUR/USD keeps around 1.1400 currently, after failing to breach daily resistance at 1.1423 in overnight trading. The euro remains a little vulnerable ahead of the weekend, with EU leaders set to meet to try and reach a compromise on the recovery fund.

Any disappointment there will see the euro pressured in the near-term before lawmakers will try to salvage something before the end of the month.

Meanwhile, AUD/USD is continuing its struggles to stay above 0.7000 with price action keeping below the figure level for now.

All eyes are on the ECB now but the event in itself should be a rather uninteresting one. We're caught in a bit of a summer lull again in Europe, but things should get more busy once we get to North American trading later with US jobless claims also on the agenda.
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