Once again, the ranges so far today is leaving a lot to be desired. After the rise yesterday, EUR/USD is stuck within a less than 10 pips range and that exemplifies the overall market mood. There’s not much to point to when it comes to the slight drop in the dollar yesterday. But it perhaps speaks to some added push and pull since last week.
There were a couple of noteworthy moves though, with GBP/USD bouncing off its 100-day moving average of 1.2640 to 1.2690 now. Meanwhile, USD/JPY continues to keep more nervous just below the 160.00 mark. As for EUR/USD, it continues to weave in and out of the 1.0700 level with support around 1.0670 holding for now.
Looking to the day ahead, there’s not much to work with once again for the most part. The Canadian CPI report will offer up something for the loonie at least but that’s about it. If anything, month-end and quarter-end flows might factor more into the equation in the sessions to come.
Besides that, do keep an eye out for the Treasury auction for 2-year notes. Following which, we will also be getting auctions for 5-year notes (Wednesday) and 7-year notes (Thursday).
