FX Markets Range Bound as Drivers Dry Up in the Summer Heat

Risk appetite started to improve in yesterday’s US markets (S&P 0.68%) and continued firm into Asia. Asian regional indexes are broadly higher, with the critical and much watched Shanghai composite up 4.52%. The correlations between Shanghai and the EURUSD, USDJPY and Oil remain intact, providing us with some direction in this range bound market. The JPY made some small gains against the USD,...