The greenback was on the backfoot on.........>

DOLLAR: The greenback was on the backfoot on Monday, as the DXY finished at the

bottom of the G10 pile. Fed voter and noted dove Bullard stated that "a downward

policy rate adjustment may be warranted soon to help recenter inflation and

inflation expectations at target and also to provide some insurance in case of a

sharper-than-expected slowdown." Elsewhere, the latest ISM m'fing survey missed

exp., although the employment and prices paid sub-indices rose at a quicker pace

than last month. Markets will now look to guidance from Fed's Powell & Clarida

on Tuesday & Wednesday respectively. Elsewhere, Fed's Williams & Brainard are

due to speak on Tuesday, with durable goods and factory orders data also on the

slate.

- The DXY managed to close below its 55-DMA, and bears now target a break below

the May 13 at 97.0280 to open the way lower. A break here would see bears

looking for moves below the 100-DMA, the 12 April low and the 200-DMA before

targeting up trend support from the 16 Feb 2018 lows.