If you think the last few hours were bad, it will likely get worse now that Europe has gone home. Any sizable transaction will likely have out-sized impact on the market today with traders pulling in their horns amid rising intraday volatility.
Directionally, it is anyone’s guess. We seem to be trading “risk-on/risk-off” at the moment. Expect that to continue because machines, not humans will be making the market this afternoon.
EUR/USD has pulled back to the 1.2905 area from US highs at 1.2923. Cable approached its hourly downtrend but stalled at 1.5278. It trades now at 1.5254.
