Free Trial

Volumes remain light as FX pairs..............>

FOREX: Volumes remain light as FX pairs consolidate in narrow range trade.
- Usd/Jpy edged higher overnight to Y106.87 following additional easing comments
from BoJ dove Kataoka. Further remarks from Governor Kuroda & PM Abe reiterating
their commitment to ultra loose monetary policy failed to extend gains and the
pair drifted to Y106.70/75. The quiet theme spilled over into Europe with
Usd/Jpy held to a narrow Y106.70-90 range.
- A mixed batch of European mfg PMI's with beats for Spain/Germany/EU and misses
for Italy/France saw very little market react as traders reported of decent two
way flow with leverage/bank demand countered by retail sellers. Eur/Usd
eventually did break to the downside printing lows of $1.2180.
- Marginally stronger-than-expected UK mfg PMI (55.2 vs exp 50.0) lifted Gbp/Usd
to react highs of $1.3764, but the pair was unable to maintain gains and later
drifted with Eur/Usd to $1.3728.
- Having traded through the 100 & 200-dma's, Aud/Usd continued heavy into Europe
with a move to $0.7713. Uncertainty remains whether President Trump will impose
tariffs on steel and aluminium which could further pressure the $0.77 handle.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.