Quiet Trading Environment

Trading in the Forex market was relatively quiet on Monday with the greenback slightly weakening against the euro and British pound.

Elsewhere, traders were able to profit from larger movements. The DAX tested the area around 15600 and our long entry thus provided a good gain.

Technically, the picture in both EUR/USD and GBP/USD has not substantially changed with short-term resistance levels at 1.2250 and 1.4250 remaining in focus.

As for the outlook in the U.S. dollar we remind traders that the Federal Reserve taper debate will return to the fore next month and if there is a corresponding rise in Treasury yields, we could see a fresh round of dollar strength.

Market conditions could however be quieter this week as major catalysts lack.

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