Majors have been trading within very tight ranges in the past hours awaiting the release of scheduled fundamentals for today, of which the most important is the BoE rate decision from Europe alongside trade and jobs figures from the US economy. Confidence varies across markets which is why we can sense heightened volatility and low trading volumes as investors shun the market.
The euro traded among 1.4758 and 1.4681 range versus the dollar, while it was slightly biased to the upside despite the tight range and the slight gains recorded; we can see that the pair is currently trading above the 50 hour MA at 1.4730 in an attempt to settle above it. T
As for sterling, investors are waiting for the interest rate decision from the BoE, and hoping for a statement to be released with the decision, especially after the PBR from Darling yesterday. Therefore, the pair is trading among 1.6211 and 1.6321 and managed to set an hourly close at 50 Hour MA which might push it slightly to the upside over intraday basis, yet generally though the rate and the APF are expected steady, we see that the pair will be capable of defining the move with higher momentum after the decision.
Despite the general decline that swept across Asian market today, we can still see that the yen indulged in a slight downside wave versus the dollar, as the pair inclined from 87.71 to 88.41, where European equities and other higher yielding assets managed to incline which increased the flow towards them slightly weakening the yen.