quiet session yesterday.

We saw a pretty quiet market yesterday considering there was no data that came out yesterday.

USDJPY was range bound and quiet.  

We saw thin liquidity yesterday in the Euro. Initially there was Euro selling and stops were triggered 1.3300 onwards down to 1.3250. We saw the Euro recover back from 1.3250 to 1.3300. On the headliners front, Germany rejected calls to increase the EU’s EUR 750bn fund and Moody’s downgraded Hungary credit rating to just above junk grade. Today the Irish finance minister is expected to detail the budget measurements starting at 3.45pm GMT.

Aussie was under pressure this morning from reports that China may raise interest rates this weekend. The RBA maintained its rate and we saw Aussie drop down but recovered quickly back up.

We’ve got some data out today mainly on the Euro and UK front. So watch out for some possible moves later this evening when Europe and the U.S opens up.

Data today

Germany factory orders – 11am GMT

UK industrial production – 9.30am GMT

UK manufacturing production – 9.30am GMT

US consumer credit – 8pm GMT