You’ve got to hand it to those crafty Aussies (and Kiwis, to a certain extent). No one can look at the order book with as calculating an eye as a bored Australian who’s had a bad month and needs a winner to bring him back to budget. After tripping nearly every stop on the board in Asia, markets are drifting back toward where it all began. Light action has been seen through the European session with London on holiday putting more focus than ever on factors like oil and stock prices.
Oil is up $0.75 after the biggest one-day plunge in years on Friday while stocks are modestly lower after a jump on Friday as well. Home sales are the early focus, due in just over an hour. EUR/USD trades at 1.4792.
