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Greenback Steadily Pares Friday Gains

FOREX
  • The US dollar retreated for the first time in seven sessions on Monday, closely linked to a gradual recovery in equities. The DXY retreated from a 10-week high, dropping 0.4%, currently hovering just above the Friday lows of 91.81.
  • After matching Friday's low at 1.1848, EURUSD was well supported throughout both the European and US sessions, grinding back above 1.19 to advance 0.5% on the day. The focus is on 1.1837, a Fibonacci retracement where a break would open 1.1704, the Mar 31 low and a key support. On the upside, initial firm resistance is at 1.2006, the Jun 17 high.
  • Larger gains were seen in risk-tied currencies with AUD, NZD, CAD and GBP all firming around 0.85%. The Japanese Yen was broadly unchanged, owing to buoyant risk sentiment also putting a solid bid in cross-JPY.
  • NOK notably strengthened 1.05% against the dollar, with the uptick in oil adding a tailwind for the Krone. The advance was closely matched in the EM space, with ZAR and BRL both firming around 1%.
  • Tomorrow, FED Chair Powell is due to testify on the Fed's emergency lending programs and current policies before the House Select Subcommittee.
  • A light data day on Tuesday before Flash PMI's headline Wednesday's docket.
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