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Greenback Inching Higher in Muted Trade

FOREX

With US participants out of the market today for MLK day, trade has been muted, with volumes a little lighter. Nonetheless, the greenback is making progress against most others, second only to the JPY so far Monday. Equities are slightly soft, with the EuroStoxx 50 shedding around 0.25% at pixel time.

The modest risk-off feel comes despite Chinese GDP beating expectations, with commodities and commodity-tied currencies all softer so far.

GBP trades poorly, with GBP/USD retreating to touch a low of 1.3520 ahead of a speech later today from BoE's Bailey, who speaks at a seminar on climate change.

With the US out later today, data releases and speakers are few and far between. This keeps focus on the larger risk events due later in the week, with the resumption of earnings season, the ECB rate decision and the inauguration of President-elect Biden.

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