Currencies mixed ahead of European markets open

Author: Justin Low | Category: News

Narrow ranges prevail with major currencies movement subdued

WCRS 26-03
There isn't much activity to start the new day as markets hit the reset button on the week. Risk sentiment is slightly improved following overnight trading but cautious tones from Friday continue to reign and keep any solid risk rebound in-check.

For currencies, traders are still struggling with a lack of direction as we continue to see the likes of EUR/USD and USD/JPY hug the 1.1300 and 110.00 handle respectively. The former is trading in a 17 pips range so far today.

The pound is the currency with the biggest trading range but overall change since overnight is rather insignificant after the UK parliament voted in favour of indicative votes. That continues to add more twists and turns in the Brexit saga as Theresa May remains defiant in not granting MPs their wish for a vote on Wednesday. At the same time, she's still trying to push forward with MV3 but support for that remains dead on arrival at this point.

Other major currencies remain subdued with a lack of catalysts as well as cautious tones prevailing for the time being. I would expect a similar mood in the session ahead unless risk sentiment starts to lean towards one side or another.

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