The first session of the market week began in rather muted fashion. With a lack of economic data or market moving news, most currency pairs traded in a tight range. A slightly stronger dollar against the Euro was the only one way play of the session, with EURUSD sliding 30+ pips after putting in opening highs near 1.3775. USDJPY chopped around between the 90.50 area to the 90.75 area for much of the session, while Aussie remained 50+ pips off Friday’s close to settle below .9150.
In the upcoming London session traders will be looking for a breakout from current ranges. However, with a slew of economic data expected this week, big moves may be on hold until after the market digests the bulk of the numbers.
