Major currencies aren’t doing much on the day
Very subdued tones are seen across the major currencies bloc so far today with the aussie and kiwi being the only notable movers on the back of short covering. There’s a couple of days until month end so we may see some heavier flows later on but so far the directionless movement here has been tied to the uncertain tones seen in US equity futures so far.
As a result, the dollar is holding steady and yen pairs are also trapped in a narrow range to begin the day. USD/JPY has basically been more or less unchanged over the last four hours hugging the 111.90 to 112.00 range.
There are still some lingering jitters surrounding the outlook of US equities and whether or not the correction we’re seeing is going to turn into something bigger and that element of uncertainty is what is driving a bit of a pause in markets until North American markets open later.
E-minis are still trading lower on the day but losses so far are limited to around 0.2% to 0.3% so far this session:
As for trading opportunities, it’s hard to read into any of the moves seen so far in my view and in times like these, patience is always key.