Daily thread to exchange ideas and to share your thoughts
Happy Friday, everyone! Hope you're all doing well as we get things going here on the session. It's been a quiet one in terms of headlines once again but there are some decent movements in the currencies space to start the day.
The euro is holding higher after a pop at the Tokyo fix during Asian trading but remains contained just under the 1.1300 handle against the dollar. Meanwhile, the yen is a little weaker even as equities sentiment remains rather sluggish but we did see the Nikkei post decent gains in trading earlier.
Meanwhile, the loonie is a little stronger as oil is recovering from overnight losses. Other major currencies remain more subdued as ranges remain relatively narrow for the time being.
China's latest trade figures offered a mixed picture as exports surged - a positive for global trade - but imports worsened more than expected - negative for its major trading partners i.e. Australia, New Zealand. The disappointing domestic demand may also be symptomatic of weakening domestic factors and we all know when China sneezes, the rest of the world catches a cold. Hence, it's very much neither a positive or negative report as it would seem.
Market participants look to be still in search of clues as we wrap up the week so I wouldn't go chasing any major directional trades for now. I find that patience is a virtue in times like these. What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.