Consolidative cross adjustment is the term for what we are seeing at the moment;the EUR and the JPY are making some slow gains whilst the GBP and the AUD are losing ground. EUR/CHF looks like it wants to return to its old habit of really tight range trading above an SNB intervention level. I think we’ve heard this story before and we all know how it eventually ends.
Not much of note on the economic calendar and it looks like we will have another quiet one in Asia.
Good luck today.
