FXstreet.com (London) - Despite Wall Street recording lightest volume all year today, Nikkei is tipped to break 15 months highs today. Thin trade equates to wide spreads and often means price moves are exaggerated.
Dollar was mixed across its major pairs today, with no significant price movements. During the opening minutes in Asia today major Dollar pairs look like this: EUR/USD 1.4341/43 (-0.08%), Swissy 1.0377/80 (+0.14%), Cable 1.5896/03 (-0.04%), USD/JPY 92.01/04 (+0.02%).
EUR/USD is trading in a tight range since slipping in the previous session, move driven by Dollar strength. The pair will be mostly driven by the development of the Eurozone debt issues and the recovery of the American economy, however with no significant macro cues expected till next year, pair will likely continue to trade in a tight range.
The pair is currently oscillating in the range 1.4340-1.4358. Valeria Bednarik, collaborator at FXstreet.com agrees with us: Regional stock markets have a slightly negative cue with U.S. stocks breaking 6-day winning streak, yet likely to remain in tight ranges.
The pair is up just 3 pips from the open and currently trades at 1.4343/5