Who would have expected such a snoozer?

It looked like it was gonna be a high volatility day at the outset. A global equities swoon, a corresponding decline in commodities, and a rise in bonds led to a repricing of currencies and then…nothing.

We’ve had a much less interesting session than I ever would have imagined. EUR/USD is consolidating below 1.41, Cable is dodging and darting either side of 1.6300 and AUD has managed to recover above 0.82.

Only USD/JPY has done much of anything since the early part of the day, sliding to 94.21 after triggering stops below 94.30. It trades quietly now at 94.40.