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USD Lags as Global Equities Look Rosier

FOREX

After originally holding its ground across Asia-Pac hours, USD inched lower through the European session and held its place at the bottom of the G10 pile into the US close. Nonetheless, a persistently dovish tone from ECB's Lagarde appearing in front of the European Parliament helped trim some of the EUR/USD upside.

Havens traded on the backfoot throughout, with JPY in particular losing some ground. European and US stocks traded uniformly higher with financials gaining sharply. This helped high Beta currencies Monday, with NOK, SEK and AUD outperforming.

GBP also had a constructive session as markets took an optimistic view of weekend reports covering this week's Brexit negotiations. Formal talks begin Tuesday and carry on through to Thursday, before markets gain some more clarity on the situation early Friday. GBP/USD showed above $1.29 in response.

Focus Tuesday turns to regional and preliminary German inflation and September US Consumer Confidence data. Central bank speak picks up Tuesday, with speeches scheduled from Fed's Williams, Harker, Clarida and Quarles as well as BoE's Bailey.

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