Following the Fed hike the markets have so far gone nowhere and look completely uninspiring, at least from a technical point of view, with nothing to suggest any directional move. At some stage the markets should wake up and see that from an interest rate differential the US$ should head higher although now is apparently not the time. On that basis, further choppy but directionless range trade seems to be in order, so let the market do the work for you, but keep a very nimble stance ahead of todays’ ECB Meeting. A hawkish bias could see the Euro head sharply higher although I still don’t see any reason for the ECB to be excited at all.
No trade ideas today