The FX market is subdued today


EUR/CHF is the big mover

The euro is the top performer today on fiscal stimulus talk. Even with that, it’s only narrowly ahead of the US dollar, Aussie and yen.

The general theme in the FX market today is … nothingness. There are some decent moves in stocks, bonds and even in gold but the currency market isn’t taking any signals from it.

To me that’s not a big surprise. The FX market is a bit paralyzed as it waits for the next shoe to drop. There aren’t big differences in yield differentials and it’s tough to get a read on the ECB, Fed and the rest of them.

The Swiss franc is the weakest major today but the move is also modest. A look at EUR/CHF shows a bounce but it’s hardly a blip on the radar.


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