In contrast to the Italian election results last Monday, it was a less-thrilling session. The euro traded in a 50-pip range from 1.2982-1.3031 throughout the day, ending near the highs.

Cable punched through some offers at 1.5080, which was the 50% retracement of Friday’s plunge. It then continued on, sneaking through further offers at 1.5105 and up to 1.5117.

The defining feature of the trading was a turnaround in risk appetite after the European close. US stocks were 6 points lower at one point but closed 6 points higher. The result was a turnaround in the commodity currencies.

In particular, the Australian dollar is flirting with 1.02 after sliding as low as 1.0115 in Asia. The daily chart is showing a potential reversal with the RBA decision on the way.