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Quiet Data Session Saps Volumes, Price Action in G10

FOREX
  • With the Fed inside the media blackout period, no tier one data from Europe or the US and the ECB framework review broadly inline with expectations, intraday currency volumes are muted, and uniformly running below recent averages for this time of day.
  • EUR spot unphased by the results of the ECB's operational framework review, keeping technical parameters unchanged into NY hours at 1.0981 / 1.0865, the Mar 8 high and 50-day EMA respectively.
Despite UK data, GBP futures volumes the most muted relative to recent history - with cumulative volumes 35% below what you'd expected to see at this time of day:
  • GBP 35% below
  • JPY 32% below
  • AUD 31% below
  • EUR 23% below

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