A dull start to the day
It's been a quiet start, with the only notable mover being the Australian dollar. Other than that, there was a little hint of yen strength early on as Asian equities are seeing red with Chinese stocks once again falling further, but the gains in the yen has dissipated ahead of European trading.
Ranges are still very narrow indeed, as the market can't shake off the holiday feeling so far. The next clue will come from the European cash equity market and we'll have to see if there is some form of contagion effect from the negative tones in Asian equities - although it hasn't quite yet translate to US equity futures with the S&P 500 futures basically flat on the session so far.
Earnings season is coming up soon, so that will be something to consider for equity traders despite all the trade rhetoric and gloomy mood in Chinese stocks.
It's been tepid trading so far and we'll have to see if there are any further moves following this ECB report overnight. But other than that, there isn't much to go on for investors so far.
Apart from this, there's the Fed June meeting minutes to be released later on in the day and there's US non-farm payrolls to look forward to tomorrow. Here are the ranges for dollar pairs so far today:
- EUR/USD - 21 pips
- USD/JPY - 33 pips
- GBP/USD - 23 pips
- USD/CHF - 17 pips
- USD/CAD - 21 pips
- AUD/USD - 26 pips
- NZD/USD - 23 pips
