Euro, British Pound Fall Across the Majors as Risk Trends Drive Price Action

The euro and the British pound were the laggards of the day as there was no data on hand and demand for the Japanese yen rose amidst lingering risk aversion.

Indeed, both EUR/JPY and GBP/JPY broke below intraday rising trendline support, suggesting further decline could be in store. Meanwhile, the US dollar remains very range bound, as the DXY index consolidates between 78.35-79.05. Ultimately, this means that EUR/USD and GBP/USD remain quite range bound as well, with the former holding to 1.4150-1.4300 and the latter holding to 1.6400-1.6550. With few market-moving releases due to hit the wires through the remainder of the week, price action for EUR/USD, EUR/JPY, GBP/USD, and GBP/JPY may have more to do with risk trends than anything else.

[B]Related Articles:[/B] Euro Weekly Trading Forecast, British Pound Link to Carry Trades Best Explained by Interest Rate Expectations