The final London Session of a very busy week (Easter) has brought a substantial decrease in trading activity. Market conditions are inferior to the backdrop to which we recently have become accustomed over the past two weeks. Both volume and volatility came sporadically, if at all, leaving market players with range bound, illiquid price movement. The only trading we heard of was the closing of positions heading into the holiday weekend.
Nearly all currencies are within striking distance of yesterday's New York closes. Both USDJPY and USDCHF are sitting unchanged at 99.50 and 1.0095 respectively. The Greenback has come under very light pressure in EURUSD and AUDUSD, which have added about 10 to 20 pips as of this writing. EURGBP has been able to rebound slightly, bouncing off the 0.7760 level following yesterday's London drubbing. Beyond a rundown of the aforementioned currency pairs, there is not much of a tale to tell in today's FX market.
Virtually every market is closed today, leading to a blank economic agenda for New York traders. We would expect similar a similar trading environment for the final session of the week.
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