Written by FastBrokers House
Despite some strong moves on other markets, the FX market has remained very quiet indeed.
EUR/USD opened at 1.3985 and tried on two occasions to rally through 1.4000 but encountered quite heavy offers. Dips were contained by 1.3960. Order books are quite light which might explain the inactivity.
AUD/USD has been capped by persistent talk of heavy selling interest above 1.0200 but the dips have also been limited. AUD/NZD opened the week above previous 20 year highs but lacked momentum to drive higher. Ranges: 1.0120/58
The JPY was unaffected by political tensions in Tokyo and has managed to make some modest gains as falling equity markets led to some mild risk averse trading. USD/JPY 82.12/40 and EUR/JPY 114.78/115.28
Cable has traded with a heavy tone for much of the session, 1.6240/82 and EUR/GBP .8591/.8608.
The CHF has also made small gains on the crosses.
Market Commentary provided by FastBrokers.
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