For an old ‘cross’ trader like myself, yesterday was a very interesting day with the NZD leading the way during Asian trade, the GBP taking over during European trade and finally the CAD to the fore during the North American session. Day traders could certainly not complain about the lack of volatility!
We will undoubtedly see a few more pre- long-weekend flows but I expect the market to remain relatively quiet from now through next Monday.
For today, I still see some downside risk in the Yen crosses and I will happily sell any USD/JPY rallies towards 102.50 with fairly tight stops above 102.75.
The economic calendar looks pretty light but watch for Kuroda-san comments to hit the newswires this afternoon.