The dollar index is on the back foot after testing the November highs yesterday. Currency markets are generally calm as the G20 meeting approaches despite concerns over the US-China trade truce.
The AUD/USD is higher again this morning after two volatile sessions to start the week. The GBP/USD is nudging higher after continuing to slip yesterday. By contrast, the EUR/USD is unchanged after testing the lows yesterday. The EUR/GBP is slipping lower on pound strength as the 0.8850 support level holds.
The dollar’s strength can still be seen in the USD/CAD which is pausing at the highs around 1.3300 after four days of gains.
The USD/CHF continues to nudge towards the 1.0000 level after breaking through yesterday.
Yen pairs still have a positive bias, with the USD/JPY rallying for the third day in a row to test the 114.00 level. The AUD/JPY is pushing higher for the third day in a row and is set to test the highs once again. Both the GBP/JPY and EUR/JPY are high, though remain rangebound.
Today, we have the release of the BOE financial stability report, along with the bank stress test results.
At 13.30, we have preliminary US GDP.
US crude oil inventories are at 15.30.
Fed Chair Powell speaks at 17.00.
The pressure remains on the euro as the Swiss franc remains stable. Safe havens are at the ready as Trump ramps up his rhetoric once again.