Into the NA open commodity currencies are strong, as the RBA left policy on hold, while the European currencies are generally weak; however the ranges that have been in place over the last month and a half continue to hold, leaving the market searching for a catalyst. Market volatility has shifted lower as have intra‐market correlations. Today is likely to be relatively quiet with only second tier U.S. data, and no core‐Fed speakers. Chair Yellen does speak, but not until 8:15pm EST and the topic is regulation.
Read the full report: FX Daily