What do indecisive markets do? Drift back to the middle of the range and then die…looks like EUR/USD is attempting to do just that. 1.3975 is the 50% retracement of the 1.3900/1.4050 range and seems a good place to regroup and watch the other markets and the news wires for inspiration, however fleeting.
Next up for the market’s edification is a 3-year note auction from the US Treasury. That maturity is right in the central banks’ sweet spot, so it should be well received. The results are due ar 17:00 GMT.
EUR/USD trades at 1.3985 as we write.