After several days of volatility, risk currencies remained rangebound for most of the Asian and early European trade with EUR/USD consolidating in 1.3950-1.4000 level while cable traded 1.6050-1.6100. FX traders remain cautious as they try to asses the long term implications of the Japanese disaster with some analysts predicting that the events of the past several days could shave 0.5% from global GDP growth this year.
UK employment data and EZ CPI figures are the primary data points on the docket and could prove supportive of risk FX if they surprise to the upside. For now however, choppy conditions persist as currency traders continue to keep one eye on Japan and the other on equity bourses which are expected to open mildly higher in Europe.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
