An uneventful calendar day set to greet European traders

That will likely continue to make for rather uninspiring price action among major currencies. The levels we’re seeing so far today are pretty much where we left off in European trading yesterday. It is only that the changes for the day today are leaving a lot to be desired, with narrow ranges still prevailing.

USD/JPY remains one to watch as it hovers near 161.00, with the BOJ meeting up with bond market players to discuss their tapering plans. Meanwhile, the upside break in AUD/USD is also still holding but it is lacking follow through momentum so far this week.

Looking to the day ahead, Fed chair Powell’s testimony in Congress is the main thing to watch today. He is scheduled to speak at around 1400 GMT but the text might be released earlier. So, do keep an eye out for that. Powell will touch on monetary policy, although it shouldn’t be anything that we don’t already know for the most part.

As for the session ahead, it might be a bit of a bore as the countdown to the US CPI report later this week kicks into gear.

1000 GMT – US June NFIB small business optimism index

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

This article was written by Justin Low at www.forexlive.com.