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Yet another day with very constricted trading ranges. Today’s notable movers were the US dollar and sterling, both of which traded weaker across the board today. The strongest performer was the Japanese yen, which perked up on the supportive combination of weak risk sentiment and a dip in US yields.
The very muted trading ranges in currencies may expand tomorrow as we await Federal Open Market Committee minutes and the latest US CPI data for March with US yields perched near pivotal levels. And sterling almost has to move in the wake of tomorrow’s crunch Brexit summit to determine the process from here, even if we get a long delay scenario. Breakout signal tracker
We’re still very cautious, given the endless trail of false breaks as broad market volatility has collapsed in recent months, but we’ll zero in on USD pairs after the key US event risks tomorrow.