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.
About the author
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
