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  • General mood is “risk off”
  • RBA leaves Australian interest rates unchanged, as expected, AUD/USD rises  
  • Some European data out tonight, but expect the grind to continue

What’s Moving

Very quiet session in Asia today, with EUR/USD and USD/JPY both trading smaller than 20 pip ranges. The general bias was towards consolidation after overnight USD strength and the market is simply continuing to mark time ahead of fresh incentives.

The AUD/USD did catch a small bid when the RBA announced that they were leaving Australian interest rates unchanged. The market broadly expected this, but there must have been at least a few players short into the announcement that had to cover.

With no major U.S. data slated for release tonight, we expect continued consolidation of recent swings. There is some data of note to be released in Europe tonight, which includes:

  • Swiss Unemployment (E: 2.6%)
  • German Industrial Production (E: 1.1%)
  • Euro-zone ZEW Index (E: 22.4)
  • German ZEW Index (E: 25.3)
  • Euro-zone Revised GDP (E: 2.2%)


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