9:06am October 11, 2017
Market Insight

Dollar Lower in Range Bound Markets

The dollar continued to drift lower in range bound markets yesterday as we saw little in the way of news or fundamental changes to take us out of the recent ranges. The Euro gained further ground on stronger than expected German trade data and this was further helped as Catalonia pulled back on it’s hardcore stance on independence and agreed to talk to Madrid – . UsdJpy broke through short term trend line support early in the London session but gained most of the ground back by the end of the day as the US stock market continued to grind higher.

Fears of any further geopolitical disruption didn’t materialise with the North Korean holiday and we didn’t see the subsequent safe haven move, but traders will continue to monitor that situation carefully as it’s not going away any time soon.

Looking ahead to today’s trading and it looks set for another range bound day with little in the way of fundamental data to influence the market. Traders will be looking to the US later in the day when the FOMC meeting minutes come out and hoping for fresh impetus for the dollar, but in the meantime it will be case of trading the ranges with a wary eye on the news wires.

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!

Tuesday’s City:Istanbul, Turkey

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