The EUR/USD finally ran out of steam above 1.3900 after an impressive rally from 1.3150. The AUD/USD also pulled back sharply and the JPY crosses gave up their rumour-inspired gains. It looks like we will have a volatile few weeks ahead and its unlikely that any firm trends will emerge, with choppy spiky markets to ensue.
The RBA’s latest monetary policy meeting minutes and a raft of Chinese data are the highlights on the economic calendar this morning.
Good luck today.