European pre-market: Aussie mildly higher to start the day


Risk is keeping in a slightly better mood so far on the day


China’s continued pledge for stimulus is keeping the market steadier to kick start the new week, as the aussie leads gains with the yen mildly weaker to start the session.

AUD/USD is still keeping above its key hourly moving averages but isn’t really running anywhere just yet with resistance still seen at 0.6750-54. It is a similar case for AUD/JPY with price action capped by the 74.00 level for the time being.

Chinese equities are putting in another solid shift as we see the Shanghai Composite and CSI 300 indices erase the gap lower from two Mondays ago and that is helping to give risk trades some encouragement as we begin European trading.

The rest of the major currencies remain in a more tepid mood and there will be little on the economic calendar today to really shake things up. As such, expect trading sentiment to stick to the risk mood throughout the day.

However, with US markets being off, there might be little for traders to work with barring any major headlines to shift the dial in the market.

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