It is a good day to kick back, relax, and loosen up a little
Markets are fast asleep in a summer slumber with little movement across asset classes as we get through the European morning. The yen leads the way as the dollar is the weakest major currency but in truth, movement has been minimal across the board.
USD/JPY is only trading in a range of 33 pips while EUR/USD is trading in a 28 pips range. The only notable event so far has been a spike higher in the pound which saw it gave up gains as quickly as it recorded them. GBP/USD rose to a high of 1.2749 before falling flat once again now at 1.2720.
On a day like this, the best advice is always to not go chasing after a trade that just isn't there. Patience is a virtue.
Instead, take a seat back. Analyse what is happening in the market and reassess your convictions. There's so much going on still so don't worry about missing out on anything.
We've still got US-China trade tensions, Chinese yuan concerns, Turkey's currency turmoil, Brexit rhetoric, Italy's deficit worries, Iran sanctions, global trade concerns, and US mid-term elections all set to come or at least stay in play for the coming months. ;)
