The US dollar index is making gains after heavy losses on Friday. The dollar has some way to go to overcome these losses and regain last week’s highs as traders are wary of weak US economic sentiment.
The dollar pairs are mirroring this trend, with the AUD/USD heading back to the lows and erasing half of Friday’s losses.
The EUR/USD’s losses are more moderate, as are the GBP/USD’s which have further to go after large gains Friday. The EUR/GBP is climbing after the pound made gains Friday after better than expected GDP.
The USD/CAD is gapping higher after large losses Friday and Thursday. Oil prices are recovering and heading to the $80 marker.
The yen pairs have a negative bias, with the USD/JPY unchanged, but the likes of the GBP/JPY and EUR/JPY on the back foot.
Gold is resuming its downswing after only minor gains Friday.
Coming up today, we have UK manufacturing PMI at 09.30.
At 15.00, we have US ISM manufacturing PMI.
It is a Canadian bank holiday.
The USD/JPY is experiencing some negative pressure this morning, but the trend remains positive, with the recent highs a likely target.