The dollar is sitting little changed overall with the ranges for the day leaving a lot to be desired. Currently, dollar pairs are all holding within 20 pips of one another and that says a lot amid the tight ranges that we are seeing so far on the day:
It’s all about the events on the economic calendar this week and they won’t really come until we hit Wednesday. As such, tomorrow might be just as much of a dud like what we are experiencing so far today.
The loonie is sitting slightly higher as oil prices continue to move to the upside. WTI crude is up another 0.8% today to $91.50 and that isn’t going to really help with the inflation picture in the weeks/months ahead.
At the same time, we’re nearing a potential breakout in 10-year Treasury yields which could go hand-in-hand with the move higher in oil and worsening inflation outlook for central banks.
But looking at the changes in FX today, there’s no use reading into it. Traders have no reasons to commit too early on such a big week in markets and so, the waiting game continues.