The market seems as uninspired as yours truly this morning, backing and filling around familiar levels.

The price action of the last week would suggest to me that many have moved to the sidelines.

Many a EUR/USD short would have stopped themselves out on the break above 1.3440 on Tuesday while late comers to the rally probably threw in the towel when US yields broke cleanly through 3.50% yesterday afternoon.

Position wise, we’re probably not at extreme levels either way, which suggests we could be set for less exciting markets near-term, barring some surprise from Brussels over the next two days…

We will get headlines, both on the way into and out of the meetings, probably starting around midday today (NY time) as leaders gather for the summit. They love to talk, that we know.