The choppy nature of the markets has led to the heat map looking rather indecisive today and with just the flash PMIs ahead it looks like being a day of political soundbites to drive direction, and more likely, traders will stand aside until the ECB Meeting, Thursday or even the US Q2 GDP on Friday. Keep an eye on US yields, which headed sharply higher on Monday. I suspect they have further upside ahead, which should keep the US$ underpinned – although the charts are hinting at little directional bias, while stock markets may run into headwinds despite the strong corporate results.
No trades today.
