With the price action slowing in the Asian session, will activity pick up later today?

<p>The price action is somewhat limited so far today. The PIP range for the major currency pairs shows </p><ul><li>EURUSD 19 pips. </li><li>GBPUSD 23 pips. </li><li>USDJPY 31pips.</li><li>USDCHF 16 pips.</li><li>USDCAD 18 pips. </li><li>AUDUSD 23 pips.</li><li>NZDUSD 22 pips.</li></ul><p>All are 30% of the normal range for the pair over the last month of trading. </p><p>Is there hope for some action later?</p><p>If t you look at the economic calendar, don't get your hopes up. </p><p>In Europe:</p><ul><li>GBP: There is a tentative schedule for a 10-year bond auction with a yield of 4.60 and a bid-to-cover ratio of 2.7.</li><li>EUR: Germany also has a tentative 10-year bond auction lined up with a yield of 2.64 and a bid-to-cover ratio of 1.9.</li></ul><p>IN the U.S. and Canada:</p><ul><li>8:30am (CAD): Canada will release its monthly Building Permits data, which is expected to show a decline of 2.1%, compared to a previous increase of 10.5%.</li><li>10:30am (USD): The U.S. will announce its Crude Oil Inventories, with an expected increase of 2.1 million barrels, a significant change from the previous decrease of 17.0 million barrels.</li><li>1:01pm (USD): The U.S. has scheduled a 10-year bond auction with a yield of 3.86 and a bid-to-cover ratio of 2.5.</li></ul><p>New Zealand will release their inflation forecast at the top of the hour with:</p><ul><li>2-year inflation forecast for Q3 coming in last quarter at 2.79%</li><li>1-year inflation forecast for Q3 came in last quarter at 4.28%</li></ul><p>in the major stock indices:</p><ul><li>Nikkei 225 is trading down -0.42%</li><li>Shanghai composite index is down -0.19%</li><li>Hong Kong's Hang Seng index is up 0.06%</li><li>Australia's S&amp;P/ASX index is unchanged</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.