This morning, the US dollar index is on the back foot as money flows into the safety of the Japanese yen. Traders are seeking out safer harbours especially in emerging markets after the Malaysian opposition sprung a surprise election victory.
The GBP/USD and EUR/USD are rising after weeks of losses, while the AUD/USD builds on yesterday’s gains.
The USD/CAD continues to sell-off after hefty losses yesterday on the back of an Iran fuelled oil price surge.
Even the USD/CHF looks to be peeling back from the highs.
Yen pairs are mixed after hefty gains made yesterday. The USD/JPY is on the back foot, while the EUR/JPY and GBP/JPY build on yesterday’s gains.
It is a bank holiday in France and Germany.
UK manufacturing production is at 09.30, released at the same time is UK goods trade balance.
UK BOE inflation report, the MPC monetary policy and official bank rate are at 12.00. At the same time we have the asset purchase facility.
At 13.30, we have US CPI and unemployment claims.
The Canadian dollar has picked up momentum as the Iran deal falters. Meanwhile the euro continues to struggle, forcing the EUR/CAD lower.