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Quiet day with many major pairs closing.......>

FOREX
FOREX: Quiet day with many major pairs closing well within 0.1% of the open
-Today's quiet data calendar was reflected in spot markets, with the USD
finishing broadly flat and only the CHF and CAD providing any meaningful price
action.
-After both USD/CHF and EUR/CHF printed multi-year (and post-SNB floor
withdrawal) highs within the past fortnight, the CHF correction gathered steam
with the CHF rising against all others in G10 FX space. Nonetheless, a
convincing break below the longstanding trendline at circa Chf 1.1690 will be
required to confirm any of the recent price action.
-Several Bank of England speakers failed to move GBP in any material way,
despite Vlieghe confirming he sees 1 or 2 rate hikes per year for the next 3
years. GBP/USD made a test on the $1.35 level before faltering and finishing the
session flat.
-Wednesday, preliminary Eurozone May PMIs are due ahead of the UK April
inflation report and FOMC minutes.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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