With no hard data yesterday, we saw some profit taking, with the dollar posting decent gains versus the euro and Australian dollar. EUR/USD fell 52 pips finish at 1.2759, while AUD/USD closed at 1.0336, 29 pips below its opening price.
With the market still waiting for the German high court ruling and the FOMC statement coming up later this week, traders unloaded their positions in higher yielding currencies, allowing the dollar to pare back its losses from last Friday.
For today, all we’ve got is trade balance figures due at 19:30 (GMT +7). Expectations are that a deficit of 44.2 billion USD was posted in July, slightly more than the previous month’s 42.9 billion USD deficit. Still, I don’t expect this to move the markets, and we should continue to see more consolidation.
With the market still waiting for the German high court ruling and the FOMC statement coming up later this week, traders unloaded their positions in higher yielding currencies, allowing the dollar to pare back its losses from last Friday.
For today, all we’ve got is trade balance figures due at 19:30 (GMT +7). Expectations are that a deficit of 44.2 billion USD was posted in July, slightly more than the previous month’s 42.9 billion USD deficit. Still, I don’t expect this to move the markets, and we should continue to see more consolidation.
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