8:46am October 10, 2017
Market Insight

Quiet Start to the Week See’s Currencies Stuck in Tight Ranges


The market took advantage of a number of bank holidays yesterday to take a bit of a breather with the majority of currencies sticking to recent ranges. The one big exception we saw at the start of trading yesterday was the Turkish Lira taking a thumping after some political wranglings between Ankara and Washington after a US embassy employee was arrested on suspicion of espionage. Turkey is now urging the states to rethink it’s position on banning visa’s and traders will be watching the situation closely with a view on a retracement of the move if the US relents.

Looking ahead to today’s trading and once again it’s pretty quiet on the data front and with just the NAB Business confidence out in the Asian session and the UK Manufacturing numbers later on. (You may be experiencing a touch of deja vu with that line as we’d jumped a day ahead yesterday – Ed)

With another quiet data day ahead, traders will be expecting more range bound markets but will keeping a close eye on the news wires as they have been the main catalysts for the big moves in recent weeks. It’s been noticed by a few keen observers that it’s a major holiday in North Korea today -Korean Workers Party founding day and they have been using major holidays to test missiles etc recently, so maybe break trades in the safe haven currencies is the way forward today.

Good Luck trading today and if you have any questions or queries, please contact the team at info@sec.rakuten.com.au

The Rakuten Securities Australia City Challenge:

Each day our daily FX Insight comes out with a different city featured in the title picture. We are offering 25 Aud each day for the first FX Insight reader that contacts us at info@sec.rakuten.com.au with the correct identity of that day’s city. This amount will be added to the winners trading account, if you don’t have a trading account one of our friendly staff will, of course, be happy to assist you in setting one up!

Monday’s City:Vilnius, Lithuania

 

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