The trading has been tight across the majors thus far during the Tuesday U.S. session. Small ranges are a sign of limited participation. As we roll into the forex close, I expect to see more of the same.
Aside from the equities indices, most of today’s charts are pretty dull!
No doubt about it, the forex has been a slow market today. Take a look at the ranges across the majors:
Aside from the robust action in the USD/CAD I covered in an earlier update, it has been a very quiet day on the screen. Slow markets can be a challenge to trade, with an impetus being placed upon patience and discipline.
Remember that profitability often stems not from what we make but what we don’t lose!
The Next 24 Hours-Any Market Movers?
This morning’s U.S. metrics did not do much to stimulate participation. Hopefully, a few of these items will shake things up a bit:
U.S. API Crude Oil Stocks
U.S. FED Chair Janet Yellen Speech
Eurozone Non-monetary Policy ECB Meeting
Tomorrow morning’s U.S. session will be headlined by EIA Crude Oil Stocks, Continuing Jobless Claims and Durable Goods releases.
Perhaps the most important item in the coming hours may be Janet Yellen’s speech scheduled for today, just after the forex close. Yellen’s term is winding down as FED Chair and the December FOMC meeting is coming up in three weeks. While it is unlikely that she will make any market moving comments, it is a good idea to be aware of your open positions and have risk quantified.
Other than those releases, it is relatively quiet news cycle. However, we should get some good trading conditions early on in Wednesday’s U.S. session. Traders will be eager to get in an out of the market in anticipation of the Thanksgiving holiday.