Another steady session for European traders?
Well, it sure looks very much like it so far. Majority of the moves took place during Asian trading and we haven't had much extension of the daily ranges since. This was the snapshot almost three hours ago at the start of trading.
Of note, only the pound appears to be a tad weaker but continues to stay supported by the 100-bar MA on the 4-hourly chart. Meanwhile, AUD/USD is barely moved as well as price continues to hug the 200-hour MA.
EUR/USD made a move towards 1.1570 levels but ultimately fell back thereafter as buyers are still lacking conviction to break above the 1.1600 handle with support and bids around 1.1540-50 still providing a base for today.
And USD/JPY is also capped by technical levels and large expiries close to 111.00 and has barely moved so far in the session.
It's all setting up for yet another slow and steady session before the hustle and bustle in US trading. Even equities and bond yields are mostly flat on the session so far and that offers little direction or hints for traders to act upon.
The only real mover is Italian stocks as they are weighed down by bank shares today, as BTPs moved lower at the start of the session. But so far the moves there appear to be more localised than trend-setting.
