Quiet tones observed despite the lira's recovery to below 6.00 against the dollar
The lira's early move gave the dollar a little nudge lower but that hasn't amounted to much else in the major currencies bloc. EUR/USD continues to trade near flat levels on the day around the 1.1340 level. The low touched 1.1317 earlier - near the 5 July low @ 1.1313 - before moving higher.
Despite the lira nudging higher in the past half-hour, developed market currencies have been rather calm. Cable is trading near the highs still close to 1.2730 now with the UK inflation report being eyed at 0830 GMT.
But apart from a little nudge higher in yen pairs, everything has been trading pretty much range-bound. The aussie and kiwi in particular has been rather "dead" in all of this. After an initial jump from 0.7210 to 0.7230, AUD/USD has basically not budged at all. Same for the kiwi as it continues to stay near the lows around 0.6550 to 0.6570 levels.
As mentioned at the start of trading today, thinner markets are to be observed today as French and Italian banks are closed. And the subdued tones we're seeing here is indicative of that. The rest of the session may be a bit of a snooze fest if this is any indication.
