Hurry up and wait

This market will move, eventually, but once momentum is sucked out it can be quite a while before it returns. The pre-ECB EUR bearishness has given way to sideways consolidation, and the market is already sitting nervously on large positions based on the other trends (long GBP, short JPY etc) and lack of momentum begets impatience.

It’s unlikely that we will see any major movement during Asian trade with only NZ current account data and Japanese trade figures on the calendar. The BOE minutes from their last meeting will certainly add some spice to the GBP market later this afternoon.