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Dollar Dropped as Stocks Roll Higher Still

FOREX
  • After a solid start to the holiday-thinned Monday session, the dollar reversed in NY hours, pressing the greenback to fall sharply against all others in G10. EUR/USD rallied back above the $1.18 handle, opening key Fib resistance marking the retracement of the 2021 downtrend as well as the 1.1884 200-dma.
  • The move was also evident in USD/JPY, which undid much of the progress made at the beginning of last week as prices briefly showed below the Y110 level.
  • The weakness in the dollar coincided with a rip higher in US equities (both futures and cash) which performed particularly well from the Monday open and hit new record levels. The firm risk sentiment was evident in consumer discretionary and communication services firms outperforming, which topped the pile Monday.
  • US data was wholly pro-inflationary, with both the Markit and ISM Services Indices beating forecast and showing a sharp move higher in input prices (Markit's gauge was highest since records began).
  • Focus turns to China's Caixin PMI, the RBA rate decision and US JOLTS job openings numbers.
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