Not much action on the day thus far
There is no clear theme in the market as we begin the trading week across all asset classes. It's definitely a sluggish start to the day no doubt. The swissie is the lead gainer in the major currencies bloc with the dollar also generally holding up, but ranges have been very narrow as we await European traders to enter the fray.
The kiwi is the weakest performer at the moment as more banks and research houses are slowly pushing back their expectations of the RBNZ's next move. Eamonn had reported ANZ earlier here and now BNZ has also lowered their NZD/USD forecast from 0.70 to 0.68 for this year-end citing negative domestic forces and softer growth outlook which has triggered the RBNZ to adopt a more dovish-than-expected policy stance.
Here are the ranges for the day heading into European trading:
- EUR/USD - 17 pips
- USD/JPY - 24 pips
- GBP/USD - 31 pips
- USD/CHF - 15 pips
- USD/CAD - 17 pips
- AUD/USD - 21 pips
- NZD/USD - 26 pips
