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FX traders were casting a wandering eye ahead toward a long holiday weekend this morning, but the US retail sales report pulled their attention back to their monitors.

See a summary of the top FX themes and trends from today's US session!

It’s been a day of differing fortunes for the antipodean currencies...

See a summary of the top FX themes and trends from today's US session!

As any gold bug would tell you, last year’s fourth quarter was a strong one, with the yellow metal gaining nearly 8% from October through New Year’s Day. The good times carried over into mid-February, when gold peaked near $1350, but the price action over the last two months suggests that a major top may have formed.

See a summary of the top FX themes and trends from today's US session!

As my colleague Matt Simpson succinctly noted last week, traders have said “meh” to the 6-month “flextension” to Brexit. While squabbling between the different political parties continues apace, it’s now unlikely that we’ll see any near-term progress on Brexit, so traders may now turn their attention back to UK economic data.

See a summary of the top FX themes and trends from today's US session!

For the second day in a row, the Japanese yen is the weakest major currency as today’s heavy risk-on bent leads to selling in the safe haven currency. Meanwhile, the aussie has caught a big bid despite the RBA citing “increased risks” to the household sector.

See a summary of the top FX themes and trends ahead of today's US session!

See a summary of the top FX themes and trends from today's US session!

Markets are trading with a slight risk-off tone as we go to press, with the US dollar clocking in as the strongest major currency while aussie and kiwi bring up the rear.