The dollar is lower after a more mixed performance on Friday, as other major currencies fell following US PCE price inflation figures late last week. The Japanese yen is stealing the show for now, as suspected BoJ intervention sends yen pairs tumbling, with USD/JPY falling from 159.60 to 155.05 at the past hour’s low.
In addition, the dollar in general has struggled to regain its momentum since last week. GBP/USD is up 0.4% at 1.2540 as it approaches its 200-day moving average at 1.2555. And then there is AUD/USD which is up 0.7% to approach its own 100-day moving average at 0.6584. These are at least two dollar pairs facing key technical levels to start the week.
Elsewhere, EUR/USD was up 0.4% at 1.0730 and USD/CAD was down 0.2% at 1.3635 on the day.
In other markets, stocks are holding up better as investors look to continue last week’s rebound. US futures are up 0.2% as we look to the session ahead.
In Europe, inflation data will be the center of attention with figures from Germany and Spain on the agenda. That being said, this won’t matter much for now as a rate cut by the ECB in June is already on the cards. But be on guard for any surprises.
07:00 GMT – Preliminary April CPI figures in Spain
09:00 GMT – Final consumer confidence in the euro zone in April
09:00 GMT – Economic, industrial and services confidence in the Eurozone in April
12:00 GMT – Preliminary April CPI figures in Germany
That’s all for the upcoming session. I wish you good days ahead and good luck in your trading! Stay safe out there.
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