I was going to write that news flow has been reduced to a trickle … but trickle seems generous.
What is interesting though, is the behaviour of EUR/USD; sure the range over the past two hours has been extremely tight but what I’m seeing is very good offering interest around here running into good size bids (earlier on I highlighted 1.3155/60 as having buyers, and that is certainly the case, but the buyers are not getting any bounce.). The net result, of course, is very little movement; but beneath the surface of little movement there is a battle going on.
Absent any news, buyers may well get better levels later.
