It’s the end of July and the holiday season in Europe and the US is getting into full swing. This will go on through the month of August so I think it’s fair to assume that we will have plenty of full trading days when absolutely nothing moves.
The main event during Asian trade won’t happen until late in the session with the Fonterra board meeting announcement (sources in the chat-room say it will happen around 5 am London time).
End of month flows will impact on USD/AXY and any big flows will move the market further than usual, given the overall low volumes. This is definitely worth noting today.