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USD Edges Lower In Holiday-Thinned Trade, NOK Outperforms On Uptick In Oil

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The USD lost ground against all G10 peers on Monday, with an uptick in oil and benchmark European equity index futures applying some light pressure in holiday-thinned trade (U.S. & UK markets were closed).

  • A firmer-than-expected CNY mid-point fixing from the PBoC also factored into the USD downtick, as did the latest round of property market easing in the Chinese city of Shanghai.
  • Geopolitical worry surrounding the death of an Egyptian soldier following an Israeli-Egyptian exchange of fire did little to support the greenback.
  • Still, ranges were tight.
  • The NOK finds itself at the top of the G10 FX table given the above mix, while the Antipodeans and SEK also fared well on the day.
  • Dovish ECB speak knocked EUR/USD away from best levels, also denting the single currency’s performance vs. G10 peers.
  • GBP/USD broke through last week’s highs, leaving bulls focused on more meaningful resistance at the Mar 21 high (1.2803), which is ~30 pips away from prevailing levels.
  • Looking ahead, the ECB’s latest consumer expectations survey data is due Tuesday, along with a raft of comments from both the Fed & ECB.
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The USD lost ground against all G10 peers on Monday, with an uptick in oil and benchmark European equity index futures applying some light pressure in holiday-thinned trade (U.S. & UK markets were closed).

  • A firmer-than-expected CNY mid-point fixing from the PBoC also factored into the USD downtick, as did the latest round of property market easing in the Chinese city of Shanghai.
  • Geopolitical worry surrounding the death of an Egyptian soldier following an Israeli-Egyptian exchange of fire did little to support the greenback.
  • Still, ranges were tight.
  • The NOK finds itself at the top of the G10 FX table given the above mix, while the Antipodeans and SEK also fared well on the day.
  • Dovish ECB speak knocked EUR/USD away from best levels, also denting the single currency’s performance vs. G10 peers.
  • GBP/USD broke through last week’s highs, leaving bulls focused on more meaningful resistance at the Mar 21 high (1.2803), which is ~30 pips away from prevailing levels.
  • Looking ahead, the ECB’s latest consumer expectations survey data is due Tuesday, along with a raft of comments from both the Fed & ECB.