The market seems to be saying this morning that “we’ve come this far, why not make a run for the highest levels in a year?”. Selling ahead of 1.4825 options which roll off the books this morning is helping keep the market below that level for the time being, so a concerted run for new highs may need to wait 30 minutes or so until the clock strikes 10 am.
At 10 we get the Richmond Fed index and the government’s house price data, neither of which are usually huge market movers. EUR/USD is biding its time at 1.4810.
