This morning, the US dollar is on the back foot, eating further into the gains made early last week. The dollar pairs are enjoying gains this morning as the dollar backs off the pace.
The AUD/USD and NZD/USD are enjoying positive sessions as the former finds support in the 0.7800 region.
The GBP/USD is also making hay, building its third straight day of gains. The EUR/USD continues to lag though, with the EUR/GBP lower after hefty selling on Friday.
The yen enjoyed a positive start, with most gapping higher at the open. Most of those gains have been given back and turning into losses as we move through the morning. The USD/JPY looks set for another test of the recent lows however.
Gold has shot higher as the dollar backs off the pace.
Meanwhile oil prices remain near highs, helping the USD/CAD to reverse path.
Coming up today, we have UK high street lending.
At 14.00, we get ECB president Draghi speaking.
US new home sales are at 15.00.
FOMC member Quarles speaks at 20.15.
With the weakening dollar, the USD/JPY is slipping back towards the lows as the Japanese yen retains its attractive safe haven properties.
A retest of the recent lows looks on the cards, making a LOWER trade attractive.