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Greenback Unchanged Amid Narrow G10 Ranges, EURSEK Back Above 10.00

FOREX
  • Throughout the US session, the dollar index slowly edged lower into negative territory, paring earlier gains from the open, as US treasury yields also retreated from their peak.
  • G10 ranges remained confined with little news or data to move the dial on Monday.
  • The underlying dollar weakness in the latter half of the day did prompt a small pop higher in EURUSD back above the 1.16 handle. The next immediate level of note resides at 1.1624 (last week's high) before 1.1640, high Oct 4. A break is required to signal scope for a stronger recovery however, short-term gains would be considered corrective with a broader bearish trend condition still intact.
  • USDJPY price action has been fairly muted and rangebound, however levels of significance may be building at the boundaries of the short-term range as the pair consolidates close to recent highs.
  • Notably several separate hourly highs have printed above 114.40, matching closely with the October 2018 highs at 114.55. More meaningful attention remains on a vol band resistance at 114.83.
  • Of note, EURSEK gained 0.7% to start the week, representing the largest move seen in G10 FX to start the week. After breaching 10.00 for the first time since February 2018 to the downside last week, the inability to close below the psychological mark may have prompted some short covering.
  • NZDUSD remains top of the G10 pile following a firm CPI reading seen shortly after the Wellington open.
  • Australia Monetary Policy Meeting Minutes are scheduled for overnight. Bank of England's Bailey will make remarks at an online conference on climate change before a slew of Fed speakers highlight the US session on Tuesday.
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