AUD/NZD Shows Above 1.10 For First Time Since 2018

Currency markets trade in a range early Monday, with few macro cues over the weekend or headed into US hours. As a result, equities are mixed/higher in Europe, but US futures remain strong and are within striking distance of last week's 3382.50 and the alltime high printed late February at 3397.50.

The greenback is marginally weaker, with plenty of attention being paid to Friday's CFTC update that showed leveraged funds have pressured USD positioning to a net short for the first time in over two years. CAD, AUD and CHF are marginal outperformers at the start of the week.

AUD/NZD inched to a new two-year high early Monday and briefly showed above the 1.10 mark on extended NZD weakness. The cross has now extended its winning streak to 12 sessions without posting a loss, and the fall below the 50-dma in NZD/USD could be adding further pressure.

Datapoints are few and far between Monday, but US Empire Manufacturing and NAHB housing market data could draw some interest. Canadian existing home sales are also due. Fed's Bostic is due to speak, but not on the topic of monetary policy or the economy.