EUR drifting lower in quiet trade

Typical Monday afternoon in Asia with USD/JPY in a 5 pip range and EUR/USD easing lower after failing to close the opening gap from this morning. The AUD is also very quiet after some very brief ‘excitement’ post China trade data.

There is plenty of individual European economic data out in early European trade, which may give volatility a boost, but banks are reporting very few major flows which is not unusual for this time of year.

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