Tuesday 7 May.

A relatively quiet forex market at the moment. The only noticeable news of note has been a 'neutral hold' from the RBA, which disappointed Aussie bulls expecting talk of a possible hike. But all things considered, Australia still has one of the more hawkish central banks and today's meeting didn't alter my view of the first RBA cut coming in November or later.

Better than expected retail sales from Europe is good news and adds to the recent positivity coming out of the Eurozone.

With the VIX still below 14, US yields dropping and the S&P positive, all in all, my bias of 'risk on interest rate differential trades' remains intact. But currently, I'm waiting for some 'fresh impetus' before feeling confident in placing a trade.

Feel free to email any questions: johnelfedforexblog@gmail.com