Themes

• General mood is “risk off”
• Very quiet session overnight with nothing major in the way of data an no speakers
• U.S. President Biden signs off on US$1tln infrastructure spending bill

What’s Moving
Very little moved overnight! U.S. equities were slightly weaker on the day, while currencies largely held recent ranges. The exceptions to this were EUR/USD and USD/CAD which were both weaker. The U.S. Empire State Manufacturing Index came in stronger than expected but had little impact on trade. Most pairs are holding recent ranges and are awaiting a trading incentive to breakout.

Thoughts
Focus today will be on the Australian Reserve Bank meeting minutes. While tonight will see U.K. Unemployment and U.S. Retail Sales. We are expecting continued quiet pre Christmas trading until something out of the ordinary happens. This could be in the form of a confirmation of rising inflation, or else something happening at the Russian / Ukrainian border.

Pivot Points