The end of July is traditionally the start of northern hemisphere summer holidays and that means that turnover will be down and volatility will be up.
Add in to the mix, general risk aversion, on-going Brexit waves and of course the BOJ later in the week, and we have the perfect mix for some extreme volatility.
I got the range wrong last week so I’m not going to try and forecast what it might be this week, but I will hazard a guess that we will see a 500 pip range.
Being a bear, my preferred strategy is to wait for over-extended rallies and sell into these in the hope of picking the swing.
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