A Dead Market Today, But Don`t Get Caught On The Dead Cat Bounce
It feels like the forex market is dead today. If it wasn´t for a couple of forex pairs which have seen some action today, you could easily mistake today for Sunday.
China and a few countries in Europe are off for Whit Monday, which has played a part in the market today, although, honestly, I didn´t expect it to be so quiet. London and New York were supposed to be fully operational today, but I guess they´ve taken the day off as well.
It´s been like watching paint dry today, actually. But, there were a few spikes on a couple of forex pairs. GBP/USD suddenly jumped around 50 pips a few hours ago without any apparent reason, while AUD/USD has climbed over 60 pips since last night.
The other forex pairs have been treading water. The positive Chinese services data, as well as the Australian company operating profits, were the reasons for the climb in AUD/USD. The pair also beat expectations, as we mentioned in the previous forex update.
So, don´t get too relaxed guys. These quiet markets usually lead to some hectic moves and you never know when the next move will come. Now, the liquidity is drying up further as London closed a while ago, which makes it easier for the big players to take the market in any direction they want, so take care guys.
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