The dollar is lightly changed but sitting a little more mixed as we look towards European morning trade today. USD/JPY is once again the notable mover as it slides back down towards the 154.00 level in Asia. The pair is holding lower as Treasury yields are also seen pulling back a little to start the week.
The question this week is whether or not we’ll see the post-election momentum in the dollar continue. And for now, that seems to be stalling at the very least.
There won’t be much on the agenda to distract from that in the session ahead. As such, traders will be left to their own devices again in trying to deal with prevailing market sentiment. With the dollar stalling, one of the standouts this week has been gold which is back up to $2,620 levels currently. That is one interesting spot to watch at least.
As for major currencies, it is time to reassess things before the PMI data on Friday and then switching the focus to month-end next week.
0700 GMT – Switzerland October trade balance data
0900 GMT – Eurozone September current account balance
1000 GMT – Eurozone October final CPI figures
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.