EUR/USD has traded back up to 1.3230 as some of the European day traders square up at the end of their session. After trading in a 1.3205-40 range for the US session, and the initial thrust down as Chicago opened with some E200mn transacted mainly on the sell side; EUR/USD has slipped into a more sedate 1.3225-33 range, and Chicago volumes have basically halved.
With the late day trading posis squaring out, traders are paring back ahead of the Philly Fed survey, particularly as the Empire State survey seems to be presaging yet another disappointing data snap. Nonetheless, the offers in the 1.3235-40 range are supposed to be quite substantial, so the data snap needs to be well outside of expectations (IFR estimate 4.5, median 5.0) to break the markets torpor.
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