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Dollar Starts Week Poorly, EUR/USD Highest Since Early March

FOREX
  • The greenback underwent a short, sharp bout of selling pressure in early European hours, with EUR/USD rallying through key resistance at 1.1990 to hit the highest levels since early March and sit comfortably back above 1.20.
  • There was no major headline or flow catalyst behind the greenback weakness, with a pick-up in volumes after light overnight trade likely the underlying driver. EUR buoyancy was also helped by Pfizer announcing the shipment of a further 100mln vaccine doses to the European Union in 2021, bringing the total shipment to 600mln.
  • USD is the weakest, alongside CAD, while JPY, CHF and NOK are the firmest in G10.
  • Tier one data is few and far between Monday, with focus on risk events later in the week - most notably the ECB rate decision on Thursday. There are no central bank speakers of note after the Fed entered their pre-decision media blackout period over the weekend.
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