The price action is somewhat limited so far today. The PIP range for the major currency pairs shows

  • EURUSD 19 pips.
  • GBPUSD 23 pips.
  • USDJPY 31pips.
  • USDCHF 16 pips.
  • USDCAD 18 pips.
  • AUDUSD 23 pips.
  • NZDUSD 22 pips.

All are 30% of the normal range for the pair over the last month of trading.

Is there hope for some action later?

If t you look at the economic calendar, don't get your hopes up.

In Europe:

  • GBP: There is a tentative schedule for a 10-year bond auction with a yield of 4.60 and a bid-to-cover ratio of 2.7.
  • EUR: Germany also has a tentative 10-year bond auction lined up with a yield of 2.64 and a bid-to-cover ratio of 1.9.

IN the U.S. and Canada:

  • 8:30am (CAD): Canada will release its monthly Building Permits data, which is expected to show a decline of 2.1%, compared to a previous increase of 10.5%.
  • 10:30am (USD): The U.S. will announce its Crude Oil Inventories, with an expected increase of 2.1 million barrels, a significant change from the previous decrease of 17.0 million barrels.
  • 1:01pm (USD): The U.S. has scheduled a 10-year bond auction with a yield of 3.86 and a bid-to-cover ratio of 2.5.

New Zealand will release their inflation forecast at the top of the hour with:

  • 2-year inflation forecast for Q3 coming in last quarter at 2.79%
  • 1-year inflation forecast for Q3 came in last quarter at 4.28%

in the major stock indices:

  • Nikkei 225 is trading down -0.42%
  • Shanghai composite index is down -0.19%
  • Hong Kong's Hang Seng index is up 0.06%
  • Australia's S&P/ASX index is unchanged