ForexLive US Wrap – Let Them Eat Cake
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With the US closed for Presidents day there was nothing of note on the calendar. The only possible spark could have come from Mario Draghi's speech but there was nothing said that we haven't heard before. Currencies have been sleepy in tight ranges.
USD/CAD was the exception to the rule, taking advantage of the quiet markets to break previous strong resistance in the 1.0080 area. We got as high as 1.0123, just shy of further resistance and the 61.8 fib levels 1.0127/36 respectively.
EUR/USD had a look to the downside on Draghi's mention of inflation and growth but was soon back to the 1.3350 level where it continues to play see-saw with the weekly 100 ma.
GBP/USD did the reverse of EUR/USD and had a peep at the upside to 1.5510. Offers layered up there spun us around and we drifted lower back to the opening levels at 1.5460/70
USD/JPY had an early fall to 93.75 before stabilising up near 94.00. We couldn't break the level in any meaningful way, which is a surprise given the virtual all clear from the tail end of the G20 over the weekend. Maybe the full day tomorrow will see a concerted push above.
AUD/USD Finds itself once again in a tight range around the 1.0300 but there is light at the end of the tunnel for a decent break one way or the other.
I now have the privilege of handing you over to excellent Eamonn Sheridan for the Asia session. Thanks to the readers for your time and contributions.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.