- Holidays in Japan, China and Korea have led to very tight ranges in the FX market
- Chinese Premier confident that US trade diffuiculties will be resolved
- NZ GDP grows less than expected, NZD falls
It has been an extremely quiet trading session with many of the bigger markets closed for holidays.
The EUR did manage a minor rally early in the session after the positive comments from the Chinese Premier. EUR/CHF and EUR/JPY rallied briefly but there has been no follow through. Ranges: EUR/USD 1.3384/1.3409, EUR/CHF 1.3210/39
USD/JPY has traded in a tight 12 pip range, 84.48/60, and EUR/JPY has managed a slightly wider 113.14/40 range.
The AUD/USD fell early in the session in sympathy with the NZD after its poorer-than-expected GDP data. AUD/NZD buying immediately put a base underneath and further AUD buying after the Wen comments helped the AUD/USD to return to its session highs. Ranges: AUD/USD .9528/72
Offers in the EUR/GBP fairly close to the market set the tone for the GBP and with the cross inching lower, the cable has been mildly well supported although ranges here have also been forgettable. Ranges: Cable 1.5637/67, EUR/GBP .8553/65