EURUSD Gains on Benign US Currency Report

A noticeable void of fresh news has created a lacklustre trading environment which continues to promote USD selling. Asian equity markets were higher across the board with Shanghai leading the charge up 2.31%. In addition, yields firmed and commodities rallied as investors concerns over a double dip or potentially a meltdown subsided. However, currently risk appetite seems shaky and temperamental, with safe-haven trades such as JPY & CHF failing to surrender meaningful ground. On this hot, data de-void summer Friday we would be looking to fade risk correlated trades especially the closer we get to the European close. The big news yesterday was the US treasury Department stopped short of labeling any country (ie China) as a currency manipulator. Source