Major currencies need something new to work with
Traders are trying to find a new theme to latch on to
It's been a rather subdued start to the European morning for major currencies, with less than 10 pips change across all dollar pairs at the moment. The overall trading ranges also leave a lot to be desired as traders appear to be "lost" after the US-China trade deal signing.
The market needs to move on and figure out what the next focus will be. Should it be keeping in tune with the mood in the equities market? Should it turn its attention to global growth conditions? Should it be more skeptical about the trade deal?
It's all a bit of a blur as we wait on any significant movement today. The fact that EUR/USD and AUD/USD continues to pivot around its 200-day moving average and USD/JPY still doubtful about a solid break above 110.00 exemplifies the current sentiment.
Whatever the case is, major currencies need a new catalyst to drive direction in what looks to be like a painful (due to the lack of volatility) and sluggish end to the week.