After an illness related absence from the office yesterday, I return to find little if anything changed since last week. The exception of course is that we have the Greek package all sorted (for now) and we await Bank of England and European Central Bank decisions, having sat through the Reserve Bank of Australia keeping rates unchanged overnight. The day holds little in store data wise and I remain reticent to get involved in this market.
I remain short of EURGBP holding a core position and jobbing around as we bounce in what so far is roughly a 50 point range, waiting for a break of 0.8980. On the other crosses, bring a pillow as little will develop over the coming days as we wait for the central bank meetings. Seemingly though the majors remain range bound within their broadly and well defined ranges with EURUSD for example still unable to break the 1.4000/4500 range, while Cable continues to respect the 1.5930/1.6350 play, the AUDUSD cant get beyond the 1.0780 level on spikes and keeps 1.0480 as the bottom line in play for now. The USDJPY… forget it.
Clearly as you can tell, not really much to say today…
Good luck and best regards.
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