ForexLive Asian market open: let’s start the week all over again
With US markets on holidays overnight, the FX market hasn’t moved at all and is more or less where we opened yesterday morning. I’m short AUD/USD from yesterday, and also have smaller short AUD positions against the EUR and the JPY. I’m waiting for a return of full-blown risk aversion and I feel being short AUD is the best play. I’ve also got a small long USD/CHF position but I’m less convinced here that my timing is right. Elsewhere I think EUR/USD will drift lower over the course of the week, possibly in a 1.2350/1.2600 range, cable similarly drifting lower in a 1.4900/1.5250ish range and USD/JPY to re-test support at 87.00. (But I have been wrong before!)
The Toronto stock market fell by almost 1% overnight and Asia will take it’s initial lead from there.
Good luck today.