Quiet markets, EUR/USD consolidation near 7-month lows

Markets in general are showing a lack of clear direction today. Equity markets in Asia made some modest gains. Hong Kong’s Hang Seng was up 0.1 per cent, Australia’s S&P/ASX 200 was up 0.3 per cent and Japan’s Nikkei 225 was up 0.6 per cent. In mainland China, the Shanghai Composite and the Shenzhen Composite were both up 0.2 per cent.

Currency markets were also quiet, with major pairs consolidating and dollar easing back slightly after strong gains yesterday.

USD/JPY traded between a 123.27-48 range. 123.50 is acting as a barrier to the upside.

EUR/USD opens Asia at 1.0643 after 1.0630-80 range in New York. Fed and ECB monetary divergence still focus, as the former is expected to hike in December and the latter to expand stimulus also in its December meeting. EUR/JPY traded 131.28 to 131.15.

GBP/USD was heavy, off modestly from 1.5220 to 1.5196. EUR/GBP was steady on short-covering, trading in Asia between 0.6992-99.

USD/CHF was better bid and buoyant in Asia around 1.0142-70. EUR/CHF traded 1.0790-1.0813 in Asia.

AUD/USD opened in Asia at 0.7110, traded heavy from 0.7115 to 0.7091.

The European session is expectd to be quiet with a light economic calendar:

09:00 ECB’s Yves Mersch speaks at Euro Finance Week in Frankfrurt
10:00 Bank of England deputy governor Ben Broadbent gives speech
11.00 Eurozone construction output
11.00 Swiss ZEW
12.00 ECB non-monetary policy meeting
12.00 Portugal PPI

The post Quiet markets, EUR/USD consolidation near 7-month lows appeared first on FXTM Blog.

Source:: Quiet markets, EUR/USD consolidation near 7-month lows

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