The charts of major forex pairs look frozen this morning. The range has been very tight indeed, with USD/JPY being the wildest of the pack, moving … 20 pips the entire morning.
The Buck still seems to be in demand since the retrace looks to be over, however small it was. Most of yesterday´s gains remain unthreatened in the EUR/USD and USD/JPY, while the USD is still advancing against the commodity currencies and the GBP.
Still, the forex market looks too tired or bored to take any sides right now. I´d say that forex traders probably are exhausted from all the trading they have been doing this week, but we know that´s not true. No forex trader ever gets tired of making pips.
I think the reason is the FED. A number of FED members are speaking this afternoon, including Janet Yellen, so it´s very likely that this is the reason for this morning calmness. The UK services PMI data is coming up soon, so keep an eye on the GBP pairs as well.
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