Major currencies remain subdued ahead of European markets open
Narrow trading ranges so far today
There's less than 0.1% movement across the board in general so far and that pretty much tells the story of how trading has been as we begin the week. Trading ranges in general remain rather narrow and subdued.
Equities sentiment is slightly improved and that is seeing the Japanese yen trading on the weaker side but not by much, really. Cautious tones are still prevailing for the most part so European equities are likely to also see mild gains only later in the day.
Italy will be the space to watch as we begin the session after the government is said to have agreed on a new budget proposal, though there were no other details given on what was agreed. But it's almost surely to be one that will satisfy the European Commission and we can finally put this sorry saga behind us and look towards how the government handles its debt next year instead.
The focus of markets this week will be on Wednesday as the FOMC meeting decision beckons. All eyes will be on how the Fed views future rate hikes in 2019 and the language they send out will have strong implications for markets as we close out the year and when we begin proceedings next year.
Here are the trading ranges for the day so far for dollar pairs:
- EUR/USD - 14 pips
- USD/JPY - 23 pips
- GBP/USD - 42 pips
- USD/CHF - 18 pips
- USD/CAD - 22 pips
- AUD/USD - 13 pips
- NZD/USD - 17 pips