The US dollar continues to dominate despite the risks and uncertainty surrounding Trump’s tariff plans. The dollar index continues to stretch to multi month highs, while the dollar pairs struggle.
The pound slumped to seven month lows against the dollar, with the EUR/GBP also making gains for three days in a row despite ECB officials underlining their dovish QE stance.
The EUR/USD is no bed of roses either though, with the pair languishing under 1.1600 and well within reach of the May lows. The AUD/USD is performing well this morning by contrast.
The USD/CAD is pausing at the highs after another surge yesterday, with oil prices struggling to stretch above $75.00.
Yen pairs have a positive bias this morning, with the USD/JPY making gains, along with the AUD/JPY. The GBP/JPY has a positive bias, while the EUR/JPY is unchanged.
Today we have US current account data at 13.30.
At 14.30 a number of officials are due to speak at the European Central Bank Forum on Central Banking in Portugal; including RBA governor Lowe, ECB president Draghi, BOJ governor Kuroda and Fed chair Powell.
US existing home sales are at 15.00, with crude oil inventories at 15.30.
The GBP/JPY is on the turn as traders struggle to support the pound amid Brexit uncertainty.