With the US on holiday yesterday (4th July), the majors remained dead in the water on the 4 hour TF’s. The only two pairs that made a worthwhile move where the EURUSD and the GBPUSD.
Confirms how large the US influence is on the FX Market and possibly the two most popular pairs…
Maybe it also indicates that the general global volume of short term speculative trading is actually huge relative to positional trades and fundamentals influence - that the world has a “day off”?
I think the issue here is that the exchanges are located in the US. So the US influence is due to historical & technical reasons: this is where exchanges were created and this is the go-to place of most of the professional traders.
Well, the US has the largest economy in the world, it’s normal to have a massive influence on the market.