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Dollar weakness extends into second week of...>

FOREX
FOREX: Dollar weakness extends into second week of the year
-The greenback suffered further Monday morning, marking a third consecutive
session of lower lows on Powell's proactivity Friday. The USD index now sits
below the 100-dma and a close below that level today would mark the first since
late September. The US government shutdown still has no end in sight, giving
markets little reason to buy USD at these levels. Powell's appearance on
Thursday and Fed minutes Wednesday seen as the key events of the week.
-CHF sits at the top of the leaderboard Monday, eyeing the YTD highs against the
USD, as markets remain furtively risk-off. Despite opening higher, mainland
European indices have sold off from the open and sit at session lows at the time
of writing.
-EUR has been supported from the off as German retail sales firmly beat
expectations, but EUR/USD is yet to reclaim the $1.1478 100-dma so far.
-Atlanta Fed's Bostic is the first of a number of Fed speakers this week, with
ECB's de Guindos also due. Canadian Ivey PMI and US ISM Non-manufacturing PMI
are the data highlights.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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