Daily thread to exchange ideas and to share your thoughts
Good day, everyone! Hope you're all doing well as we approach hump day on the week. The session so far has been a bit of a tepid one but commodity currencies are leading the charge still despite the pullback seen in Asian equities in the final hours of trading. E-minis are also at session lows currently and that has helped to keep the yen off the floor for the time being.
Trading ranges remain tight for the other major currencies as markets are still digesting the moves seen from overnight as US equities recovered from what would have been a brutal day. The question now is whether or not we'll see a follow through rebound or more tepid tones to come.
- AUD, NZD leads but ranges remain narrow
- Commodities/Metals performing decently helping to underpin the two currencies
- CAD holds steady with Bank of Canada decision to come later today
- JPY recovers from lows as equities recovery starts to fade
- EUR, GBP still trading narrowly as session begins
Focus in markets is still on risk sentiment and right now traders/investors are all waiting on Wall Street to provide confirmation of the next move basically. I would expect the tepid tones seen so far to prevail until then especially since E-minis are trading lower, but nowhere near as bad as what we have seen yesterday.
What are your views on the market right now? Share your thoughts/ideas with the rest of the ForexLive community here.
