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Dollar Edges Lower In Subdued Monday Trading

FOREX
  • After consolidating Non-Farm Payroll losses for much of the Asia and European sessions, the greenback gradually retreated during US hours on Monday.
  • With very little in the form of market moving headlines, steady supply led the dollar index through Friday's worst levels and back below 90.00 to post 0.2% losses on the day.
  • Most G10 counterparts were beneficiaries with Aussie and Kiwi relative outperformers gaining around 0.35%. EUR, GBP, JPY and CAD all strengthened around 0.2% mirroring broader dollar sentiment.
  • Despite the slightly softer oil prices, the Norwegian Krona led gains, firming 0.65% against the dollar. NOK strength may have been supported by Health Ministry headlines shortening the interval between vaccine doses, providing optimism for the herd immunity timeline.
  • CNH slightly underperformed on the day overall, following the slight miss in trade data released overnight.
  • German ZEW headlines the docket on Tuesday, however, markets will eagerly anticipate the release of US CPI on Thursday. Also on the week's agenda are monetary policy decisions/statements from the Bank of Canada and the ECB.
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