Last Friday we saw the Buck spring to life for the first time in a long time. I mentioned in one of the forex updates that day that the time has come for the USD to make a comeback and for EUR/USD to begin a decent retrace lower, don’t you think?
Let's not get too carried away though, we´re still right in the middle of the summer holiday season. We´re in the middle of August and the heat seems to have paralyzed the market.
Last Monday USD/JPY climbed about 120 pips, which falls within the normal range we have seen in the recent few weeks or so.
GBP/USD made a bigger move, losing about 140 pips after the US economic data was released and the markets were relieved that the employment and average earnings numbers didn’t offer a nasty surprise. In fact, the surprise was slightly positive with the revisions from the last reading. That was the reason the USD finally got a jump start, as my colleague Ron explained in the midday brief that day.
Although, don’t expect the same today; the economic calendar is as light as it gets, with a speech from FED member Kashkari as the biggest event.
I think today we will see mostly range bound trading. I´m trying to spot ranges and pick levels to trade against. I´ll post them shortly, starting with USD/JPY, so stick around for those levels.
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