Friday saw a heavy bout of pre-weekend positional covering, especially in the AUD, but that has not washed over into Monday morning and the interbank market has had a very quiet start to it’s trading week. EUR/USD has had a 10 pip trading range over the last hour and is trading near 1.3270, USD/JPY is 82.40, and AUD/USD is 1.0460.
The New Zealand trade data this morning might encourage some volatility and elsewhere we will look to Tokyo for end-of-financial-year flows around fixing time as well as touted Toshins this week for some turnover hints.
Good luck today.
