Mixed open in the majors against the dollar

After a volatile end to last week, we have started this week in a similar fashion as markets seem to be very thin and moves exaggerated. The Euro is already having a volatile Asian session from the open, printing highs of around 1.0882 and a low of 1.0786. It’s currently sitting just above the lows and struggling to keep a break below 1.0800.

Today out of the Eurozone we have the ECB’s Draghi due to testify on monetary policy before the European Parliaments economic and monetary affairs committee. As usual the Euro will be volatile on any remarks it deems to affect its position, which is mainly Greece and inflation comments.

GBP has also had a similar range overnight, hitting highs of 1.4988 and lows of 1.4883 and at the time of writing stands at the lows, and seems to be much more offered than the Euro is. With little news to go with this the thin markets seem to be having a big effect since the major moves last week after the FOMC last week.

Surprisingly the Asia FX is having a more positive day to start, after a large spike in the Kiwi from the open up to a high of 0.7663. Currently we are below the highs and back below the 0.7600 handle. This is much the same with the Aussie dollar, as it continues to push up higher against the USD, going against the grain of the other major pairs.

The Yen has been the quietest pair from the open with a much smaller range from 119.77 to 120.11 and we are trading just above the 120.00 level currently.

EUR/USD
Supports 1.0800 1.0775 10560 | Resistance 1.0840 1.0865 1.0885

USD/JPY
Supports  119.55 119.065 118.20  | Resistance 120.85 121.70 122.20

GBP/USD
Supports 1.4790 1.4620 1.4520  | Resistance 1.5060 1.5160 1.5330