This morning, the Australian dollar is under pressure after a government reporting predicting a 20% fall in iron ore prices. The AUD/USD is off this morning, as is the AUD/JPY which is reversing Friday’s gains. The NZD/USD as a more positive bias however.
The US dollar index is on the rise as it recovers from Friday’s reversal. US Non Farm Payrolls came in below estimates, while non-manufacturing PMI also disappointed.
The EUR/GBP has gapped lower as the mood turns against the euro. Both the EUR/USD and GBP/USD are reversing this morning, but the former is recovering from a Friday losing session.
The yen pairs are mixed, with the USD/JPY continuing its consistent winning run, while most other yen pairs are making reversals this morning – notably the AUD/JPY.
The USD/CAD is reversing higher after heavy selling on Friday.
Today, we have Halifax HPI at 08.30.
At 15.30, we get Canadian BOC business outlook survey.
FOMC member Bostic speaks at 17.40, with Williams speaking 18.35.
The USD/CAD is reversed heavily on Friday as oil price pressure continues to drive the pair lower.
With crude prices hovering around the $67.00 level, there could be further downside from here.