It’s hardly been a dynamic market. There have been far too many complications, deep swings and even, I discovered this morning, an erroneous high in AUD/USD. Retail platforms had 0.7695 as the high, so when yesterday’s high recorded 0.7696 I was dumbstruck. (My wife calls me, more simply, dumb but that’s another matter…) Anyway, this apparent additional 1-point caused a huge fluster as there was no way that the gains from 0.7605 was impulsive. So I looked at the Reuter’s site and guess what? The 2nd Feb high (when the retail platforms provided 0.7695) was 0.7700.
Problem solved.
Otherwise, good progress was seen in EUR/USD and also GBP/USD – although I hadn’t quite expected yesterday’s decline quite so early. Nevertheless, all seems hunky dory for these two pairs.
The other two majors, USD/JPY and USD/CHF, have taken an “alternative” route – more like an unguided tour of the terrain close to their patch. To be honest, this type of move in both these pairs were actually expected but have been more clunky than I had expected and I continue to think this will last for a while longer.
EUR/JPY… always a pain in the posterior and is taking the scenic route to its destination. Still some way to go but it does provide a way of getting me to sleep…
Probably we’ll see the same energy in the pairs as they managed yesterday.