Overall, the currency markets gapped again in the G20 weekend, as it does most of the time. However, the majors are getting very close to closing them, as they were smaller than the usual. Today, the calendar appears to be somehow light in the European session, something that will have a negative influence over the currency market.

The Euro (Eur/Usd) saw a 45-pip gap at the beginning of the new week, but the market had already closed more than half of it. If it closes the gap and advances a few more pips, the euro will meet the 50-day moving average, where it topped on Friday. The moving average was last broken in January, and only for a short period.

The Pound (Gbp/Usd) traded similar with the euro in the Asian session. Initially, the pound saw a 45-pip gap from the weekend trading, but the pair managed to close it relatively fast. For now, the pound is trading just under the 1.40 resistance area, which will probably become an important swing point today.

In the previous quarter, U.K. residential mortgage backed bond markets may remain shut throughout the rest of the year. This is mainly due to banks having to regain their footing amid the large losses they have faced. Meanwhile, the average asking price for a home has declined 9 percent this month from one year earlier. Buyers are struggling just to be able to obtain a home loan as the economy heads towards the worst contraction seen in the past 30 years.

The Rightmove house price index for the month increased to 0.9 percent, month over month, to an average asking price of 218,081 pounds in March. This follows a 1.2 percent increase seen during January. On an annualized basis, house prices have come down 9.0 percent, which is slightly lower than the 9.1 percent seen during February.

The Aussie (Aud/Usd) found the Sunday open 25-pips under the Friday’s close. However, the pair closed the gap relatively fast, being the first to do so. Currently, the aussie trades just under the 50 and 100-day moving averages.

The Cad (Usd/Cad) saw a very small gap at the beginning of the new week of trading, only 5 pips. On Friday, the pair broke under the 1.2725 support area, but lacked the momentum to also break and hold under the 20-day moving average. The cad has a relatively light calendar at the beginning of this week.

The Swissy (Usd/Chf) saw a 25-pip cad at the Sunday open. The pair continued to upside momentum, and advanced near TheLFB R1 (1.1910), but could not break anywhere higher. The pair’s outlook remains on the upside, as it seems the SNB are devaluating the Swiss franc.

The Yen (Usd/Yen) advanced 35 pips and is currently near the high reached in the last two days of trading. The yen advanced very strongly in the last few weeks, but lately, it has not been able to break above the 99.00 resistance area.