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Traders 'content' to hold on to EURUSD positions

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August 18, 2014 1.34, bank, bankers, banks, bear, bearish euro, business news, central, central banks, chair, chairwoman, dollar, dollar yen, downside, ecb, eur, euro, euro decline, eurodollar, europe, european, european central banks, eurusd, fed chair, fed rates, finance, finance news, foreign exchange, forex, forex trading, fx, fx pairs, hole, interest rates, jackson, jackson hole, janet yellen, jap yen, japanese, jpy, mario draghi, news, now, owen thomas, pair, positioning, range, saxo, saxo bank, saxo tv, saxotv, short, tradingfloor.com, tv, usd, usdjpy, video, yellen, yen, yen dollar
Despite a very heavy short position in EURUSD, traders are content to hold on to that position for now; that's according to Saxo Bank's Senior Strategist, Ole Hansen. The pair's slightly weaker this Monday morning. Ole says in recent days we've seen some attempts to break 1.34 but it hasn't really managed to do that convincingly. He says we need to take out the 1.3335 area to see some renewed selling coming into the downside.
Commenting on the lack of volatility in the FX markets, Ole points to USDJPY which has closed between 101.50 and 102.50 for 70 percent of the time in recent months. There's nothing, he says, to show we're going to break out of that range any time soon.
The financial calendar is skewed to the end of the week. Fed Chair, Janet Yellen, is the star attraction at the Jackson Hole conference of central bankers. Anything she says will be closely analysed for more clues as to the timing of any interest rate rises in the United States.