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Currencies Rangebound as Markets Position for CB Heavy Week

FOREX
  • The greenback trades well early Monday, with the USD higher against most others in G10 to tip the USD Index through Friday's highs. News and macro catalysts are few and far between, with equity markets largely consolidating inside last week's range. Currencies are similarly rangebound Monday, keeping EUR/USD within range of support at 1.1228.
  • AUD, NOK and EUR are the weakest so far Monday, with AUD/USD showing just below the Friday lows at 0.7132. This opens support at 0.7113, the 38.2% retracement of the recovery off the Dec 3 lows at 0.6993.
  • Monday's schedule is relatively light ahead of a jam-packed central bank slate across the week. The highlight of Monday trade will be the release of the Bank of Canada's new inflation mandate at 1500GMT/1000ET. The BoC are expected to have their inflation target re-affirmed, but language tweaks could be made around commitments on employment.
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