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USD Dip Short-Lived, Sentiment Remains the Key Driver

FOREX
  • The USD faded in early Europe Monday as European equities got off to a strong start thanks to a bounce in bank shares. The likes of Deutsche Bank, BNP Paribas and others surged at the open to erase a decent portion of the losses suffered Friday, while CDS spreads tightened.
  • The dip in the greenback proved short-lived, however, with the stability fading through toward the NY open as the e-mini S&P dipped back into negative territory. As a result, haven currencies including the JPY are off the lowest levels of the day, although remain in negative territory since the resumption of trade Sunday night.
  • The sole release of the morning was Germany's March IFO data, wich came in just ahead of expectations - but left little market impact. Volumes are generally below average for this time of day after several more frantic sessions, with most currency futures pointing to subpar activity ahead of NY hours.
  • Data releases are few and far between Monday, keeping focus on the speaker slate as ECB's Nagel, Elderson, Centeno and Schnabel are on the docket. BOE's Bailey is also set to testify on the purchase of SVB UK by HSBC and Fed's Jefferson speaks on monetary policy after the market close.
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