It feels like we could have copy and pasted yesterday’s report into this one. The markets have been anaemic and only 2 of the pairs we follow have traded near their average daily range. A lack of significant news flow, other than OPEC, has kept most of the currencies in tight ranges. The end of month / quarter tomorrow may see a bit more activity … let’s hope!
The EURUSD has traded between 1.1193 and 1.1235 having opened about where we are now at 1.1220. Dean was hoping for a bit of sell-off so he could look at longs in the morning but guess he will have to wait. Right in the middle of our ranges so nothing done.
Dean was keen to have a look at the GBPUSD from the short side but with no rally he will likely be on the side lines. A lack of buyer follow through this week has got him tempted because we have only been able to advance 60 pips this week. We may have run out of steam. We have traded between 1.3050 and 1.2983.
Dean was short the AUDUSD this morning and was hoping for some continuation. We traded down to 0.7652 but have seen a bit of an afternoon rally. Still about 30 pips lower on the day and still in our resistance area. One would imagine Dean will be eyeing the action closely.
Dean was hoping for the NZDUSD to push lower towards 0.7217 but we did not get that move today. Still slightly down on the day but a very small range of 50 points and so I would imagine nothing triggered for him.
The big move in the USDCAD came last night. An agreement was reached between the OPEC nations to cut oil production. This caused the oil price to pop and so the Loonie strengthened off the back of that. We traded down to 1.3050 area and marginally higher today.
The Yen is slightly weaker against the dollar today and currently trading 101.40. The support at the start of the week at 100.09 held and now slowly trudging higher. A long way from our resistance levels so best to sit this one out.
The rand continues to weaken against the USD. We opened up at 13.62 after a weak day yesterday and now near the highs for today. Currently trading 13.85.
A few CPI numbers out tomorrow from Japan and the Eurozone as well as manufacturing numbers out of China. May have more impact on equity and commodity markets but we will wait and see.
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