- Dollar loses a bit of ground in European morning trade
- US holiday won’t do markets much good today
- Central bank policy decisions in focus this week
- ICYMI: China president Xi is expected to skip upcoming G20 summit
- Eurozone September Sentix investor confidence -21.5 vs -20.0 expected
- Germany July trade balance €15.9 billion vs €18.0 billion expected
- Switzerland Q2 GDP 0.0% vs +0.1% q/q expected
- GBP leads, JPY lags on the day
- European equities higher; S&P 500 futures up 0.1%
- Gold flat at $1,939.05
- WTI crude flat at $85.58
- Bitcoin up 0.5% to $25,875
It was a quiet one in Europe today as markets are also taking a bit of a light breather with it being a US and Canadian holiday.
The main story on Friday was a sudden rebound in Treasury yields and with the key market closed today, we’ll have to wait until tomorrow for further clues.
As such, major currencies could only rely on equities and the general risk mood for direction. A slight nudge higher in stocks in Europe is helping to see the dollar pinned a little lower but nothing too significant.
EUR/USD moved up from 1.0780 to 1.0800 while GBP/USD nudged up from 1.2610 to 1.2640 but both pairs are still holding below key technical levels that broke on Friday. The former is still below its 200-day moving average at 1.0817 while the latter is still below its 100-day moving average at 1.2650 currently.
There wasn’t much appetite elsewhere with USD/JPY keeping flattish after the turnaround on Friday, still above 146.00 today. With the Treasuries market out, there’s really not much to work with today.
This article was written by Justin Low at www.forexlive.com.
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