Slow Price Action in Forex With US Markets Closed Today

It was a very calm day in forex, with the only major item on the schedule this morning being the UK CPI data, which arrived as predicted.

Skerdian Meta•Wednesday, June 19, 2024•1 min read

It was a very calm day in forex, with the only major item on the schedule this morning being the UK CPI data, which arrived as predicted. Today is the Juneteenth holiday in the United States, which explains the absence of market movement. We also had the Eurozone trade balance earlier which came in positive, but the range in EUR/USD has been very tight nonetheless, around 25 pips.

The price action has been slow in most markets

We will now have to wait till the Swiss National Bank and Bank of England meet tomorrow to modify the pace. Overall, there are very minor fluctuations among major currencies. The dollar is somewhat more mixed across the board, trading modestly lower against the euro and the loonie. Meanwhile, the yen and kiwi are also somewhat down on the day, as the ranges between dollar pairings remain relatively tight.

April, the Eurozone recorded a current account surplus of €38.6 billion, up from the previous month’s surplus of €35.8 billion. The detailed breakdown shows that the surplus was driven by €38 billion from goods, €11 billion from services, and €2 billion from primary income. These surpluses were partially offset by a deficit of €12 billion in secondary income.

Eurozone April Current Account Balance

Recorded Surplus: €38.6 billion
Previous Month’s Surplus: €35.8 billion

Detailed Breakdown:

Surplus for Goods: €38 billion
Surplus for Services: €11 billion
Surplus for Primary Income: €2 billion
Deficit for Secondary Income: €12 billion

EUR/USD Live Chart

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

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.