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Forex Flash: Price action muted despite news stream - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the news stream has been quite active, but the price action in foreign exchange has been muted.

They see that the euro has largely been confined to a 20 tick range on either side of $1.3160, while Sterling is a bit firmer, in the upper end of yesterday's range with the $1.56 cap in place. They ponder whether perhaps the market has been kept in check ahead of the BOE outcome. However, they feel that the recent string of better data has kept expectations high. Elsewhere they finish by noting that the dollar remains confined to yesterday's narrow range against the yen, while important support remains intact near JPY98.50. They write. “Our bias is to expect both the $1.56 area in sterling and the JPY98.50 area to hold today.”

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