Daily thread to exchange ideas and to share your thoughts
Good day, everyone! Hope you're all doing well as we get things going here in the European morning session. The Australian dollar is the big story of the day so far as the currency struggles on the back of growing calls for a RBA rate cut following a poor Q4 GDP report earlier today.
Meanwhile, the pound is also weighed lower as Brexit negotiations are seen not producing a substantial breakthrough yet. The meaningful vote in parliament is still to come about by next week so time is ticking for Theresa May to get something more than just empty promises and assurances.
The dollar and yen are holding firm as the rest of the major bloc remains rather tepid in trading thus far. Risk sentiment is a little bit more cautious as equities are seen trading on a glass-half-empty view as trade talks between US and China are still in limbo for now.
With little else on the agenda in the session, I would expect the current theme to prevail ahead of North American trading where things will hopefully liven up. We'll have the Bank of Canada meeting due later so that will offer something interest for loonie traders with USD/CAD knocking on resistance from 1.3340-60 currently.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.