The choppy nature of the markets continues to the make the heat map looking rather indecisive again today and with another empty calendar it looks like being another day of political soundbites that will drive direction. As we said yesterday, it seems likely that traders will stand aside until the ECB Meeting, Thursday or the US Q2 GDP on Friday. Keep an eye on US yields, and also on the Chinese fix, which was sharply higher again yesterday in retaliation to the tariffs that Donald Trump is set on imposing on US imports.
Stocks still look positive, and on the crosses, EurGbp looks increasingly heavy, while AudJpy seems underpinned, at least in the short term.
No trades today. Looking to be short Euro heading into the ECB Meeting.
