The dollar index is on the back foot this morning on talk of Trump team members being under subpoena as part of the investigation into Russian interference. Yesterday’s poor jobless claims data has not helped.
The weak euro has helped some dollar pairs, notably the GBP/USD and EUR/USD which are climbing higher.
By contrast, the Australian dollar is struggling, alongside the NZD/USD as both currencies significantly underperform.
Yen pairs are on the back foot as money flows from the dollar into the yen, with the AUD/JPY one of the day’s biggest losers.
Today, we have ECB president Draghi speaking at 08.30.
Buba president Weidmann speaks at 13.00.
At 13.30, we have US building permits and housing starts, released alongside Canadian inflation data including CPI.
The AUD/JPY downswing is getting firmly into gear, with more downside as the Australian dollar continues to weaken.