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FOREX: Markets Rangebound, Conviction Looks Light

FOREX
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  • Markets understandably muted early Friday, with G10 FX largely rangebound and trading on light volumes. EUR/USD gained into the Thursday close to briefly touch 1.0430, but that's been largely reversed through the European open - but remains above the 1.04 handle for now.
  • US 10yr yields are above post-Christmas pullback lows, but the USD looks non-directional for now, with conviction likely to remain light until the new year and markets return in earnest.
  • EUR, CHF are furtively weaker, with JPY firmer after USD/JPY's drift off overnight highs. EUR futures volumes sit ~35% below average for this time of day, JPY 25% below, GBP 50% below and AUD 30% below average.
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  • Markets understandably muted early Friday, with G10 FX largely rangebound and trading on light volumes. EUR/USD gained into the Thursday close to briefly touch 1.0430, but that's been largely reversed through the European open - but remains above the 1.04 handle for now.
  • US 10yr yields are above post-Christmas pullback lows, but the USD looks non-directional for now, with conviction likely to remain light until the new year and markets return in earnest.
  • EUR, CHF are furtively weaker, with JPY firmer after USD/JPY's drift off overnight highs. EUR futures volumes sit ~35% below average for this time of day, JPY 25% below, GBP 50% below and AUD 30% below average.