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USD Waves Off Initial Bid to Close Lower

FOREX

The greenback extended the Friday sell-off to start the week despite some early strength in the USD index Monday. This worked in favour of EUR/USD, extended the bounced off the Friday lows to show above the 1.2060 level. The single currency found some support as Italian PM-designate Draghi drew some support for his prospective government and was said to have told Italian lawmakers that a common EU budget is a priority going forward.

AUD, NZD were the best performers in G10, with the currencies gaining amid a general risk-on environment. Both oil and equities hit new cycle highs, with the e-mini S&P touching new record levels while Brent crude oil showed above $60/bbl for the first time in over a year. SEK was the poorest performer, with the market pre-positioning ahead of this week's Riksbank rate decision.

Focus Tuesday turns to Italian industrial production and speeches from ECB's Visco, Fed's Bullard and RBA's Jones.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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