Aussie leads after stronger Chinese trade balance data
There hasn't been much action on the day so far with major currencies mostly keeping an eye on the FOMC meeting to come. I expect the Fed statement to be a bit of a dud but markets are playing along anticipating possible changes to the statement and will sieve through it for any potential views on the 2019 rate hike path.
The aussie is leading the way so far as risk stays buoyant in Asian trading and Chinese trade data was upbeat. While that will help the aussie, it's going to fuel even more tensions between US and China as the yuan will continue to be a hot topic ahead of Trump and Xi's meeting later this month.
Aside from that, the dollar hasn't done much after recovering from yesterday's knee-jerk selling following the US midterm elections. The rest of the major bloc has also pretty much been stuck in a narrow range so far today but expect the usual suspects to help spice things up ahead of the FOMC meeting later i.e. Brexit and Italy.
Risk is holding up decently with Asian stocks on the up but Chinese stocks have been paring earlier gains in the last two hours. E-minis are trading flat so that's not going to offer much direction for European investors to act upon later.
