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Sunday, August 1, 2021

Major currencies rather muted as European trading gets underway

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Little changes observed in the major currencies space

Dollar pairs are holding within 0.1% change of one another and that pretty much tells you the story of what is transpiring in FX to start the week.

Yet another taste of the summer lull will eventually give way to the Fed reaction this week but until we get to the “will they or won’t they talk about tapering?” part of the discussion, we may be in for more of a choppy and muted tone in FX.

EUR/USD is testing 1.2100 once again today but so far the level is holding as price inches back up to 1.2115 though the range for the day remains narrow.

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EUR/USD D1 14-06

Meanwhile, GBP/USD continues to trend sideways and is keeping around 1.4100 to 1.4200 for the most part though the bottom-end of that range is being tested.

GBP/USD H1 14-06

That said, there is still support from the swing region around 1.4073-86 so sellers aren’t really finding much conviction to really break out just yet.



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