The main story over the weekend was more on the geopolitical front and that is seeing some moves in the commodities. As for FX, things are looking like a bit of a dud as perhaps the pre-FOMC lull is kicking in. Here’s a snapshot of dollar pairs so far today:
It’s a quiet one as the ranges for the day are still leaving a lot to be desired. There will be no key economic releases on the agenda either, so that will make for little direction for traders in the session ahead.
Besides the FOMC focus this week, month-end will also be a factor of consideration in the days ahead. But considering the Fed watch, the impact of that might not be too prominent this time around. That said, it’s always best to be mindful about such factors just in case.
The Swiss total sight deposits data is the only notable release coming up later at 0900 GMT. As the SNB has moved to the sidelines on policy, the data isn’t of too much significance as of late.
Barring any surprise headlines, it could shape up to be a quieter trading session in Europe today. In case you missed the geopolitical news from before, here is why gold and oil has been a little on the up to start the week: