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Lack of Conviction Keeps Lid on Currency Volumes

FOREX
  • G10 currency markets are generally respecting the recent ranges, with traders opting to sit on the sidelines ahead of next week - in what's likely to be the last busy week of the calendar year for asset prices.
  • As such, no surprise to see lacklustre trading volumes across DM currencies so far Thursday, with most major currencies seeing just ~20% of the daily average just ahead of the NY crossover.
  • On an intraday basis, USD is mildly firmer, while GBP is the poorest performer in G10. Nonetheless, the moves are broadly consolidative so far, with a distinct lack of conviction in either direction.
  • Equities markets in Europe are broadly mixed, taking no support from the firmer Hong Kong close, after the Hang Seng Index finished with gains of 3.4% on speculation that COVID restrictions could be rolled back further.
  • Focus turns to the weekly jobless claims data later today as well as speeches from ECB's Lagarde, de Cos and Villeroy - although they're unlikely to touch on monetary policy, with the ECB now inside it's pre-decision quiet period.
Energy BulletsCommodities
Energy BulletsCommodities

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