Daily thread to exchange ideas and to share your thoughts
Major currencies are little changed on the day with the dollar keeping steadier after seeing gains turn to losses in trading yesterday.
EUR/USD managed to stave off a drop below 1.2000 as buyers also held on to the 100-day moving average, with USD/JPY also tracking below 107.00 still for now.
Elsewhere, commodity currencies bounced back but there has been a lack of any follow through today as the market still awaits further clues on the week.
Treasuries have kept calmer throughout despite a couple of short bursts higher in yields that fizzled before the end of the day. That is keeping risk sentiment more tepid in general as sentiment remains largely more delicate for the time being.
Oil continues to stay a little choppy around $60 as we await the OPEC+ decision later in the week while gold produced a modest rebound amid dollar weakness yesterday, but unless price can manage a push back above $1,750, it is still unconvincing.
The pound will also be a focus today with the UK set to announce the 2021 budget, so be wary as that may provide a slight boost to the quid if the market likes what they hear from Sunak at around 1230 GMT onwards.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
