Caution Reigns Ahead of FOMC Decision
GBP and AUD fell to six-week lows on Monday as mild risk aversion continued to drag ahead of Tuesdays FOMC decision. The euro was the best performer while the Australian dollar lagged. Japans tertiary industry index and Australian home loans are the highlight in Asia. Fridays Premium trades include 2 new trades on EURUSD and 2 new on GBPUSD. See below for details. 2 new on AUDUSD, 2 existing trades on EURGBP 2 new on US crude oil
Disappointing Chinese trade data continued to percolate into the US session. EUR/USD twice attempted to fall below 1.31 but the pair rebounded to 1.3150 as shorts were covered on the inability to break through ahead of the European close.
Later North American and early Asia trading has been whisper quiet. US stock trading volumes were the lowest of the year and the S&P 00 was unchanged at 1371.
Greece officially completed its bond swap and EU officials said they will formally approve the bailout on Wednesday. EU leaders pushed Spain to do more on deficits but the market hardly took note.
Cable fell to the lowest since late January, falling below the 55-day moving average to as low as 1.5603.
The calendar remains quiet in Asia. At 2350 GMT, Japan releases the January tertiary industry index with economists expecting a 0.2% rise. Shortly afterwards, at 0030 GMT, Australia reveals data on home loans for January, with a 0.6% decline expected.
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