The 1-year implied volatility falls to a record low of 5.42% and the trading range today epitomises the above sentiment rather perfectly. EUR/USD rests in just a 9 pips range today and the trading year ahead may see another snoozefest in terms of the overall range.
Euro area economic growth continues to remain sluggish but there isn't any imminent signs of a major recession just yet. Meanwhile, the ECB is not likely to do anything this year and the Fed is also signaling more of a pause over the coming quarters.
Persistently low growth, low inflation and a global tilt towards more easing policy is likely to make 2020 yet another year of sideways trading - for the most part - in EUR/USD.
The overall range last year was a measly 691 pips. I wouldn't be the least bit surprised if we do manage to beat that in trading this year.