- USD leads, JPY lags on the day
- European equities mixed; S&P 500 futures down 0.5%
- US 10-year yields up 0.5 bps to 3.836%
- Gold down 0.5% to $1,740.13
- WTI crude down 0.6% to $79.59
- Bitcoin down 3.4% to $16,060
It is a brand new week and the dollar is continuing to put up a fight, after having showed a fair bit of poise towards the latter stages of last week. This time, the technicals are starting to reflect a better look for the dollar but the softness from the post-CPI selloff is still very much lingering.
Nonetheless, it’s a good platform to slowly build upon for dollar bulls at least.
USD/JPY is a notable mover as it breaks away from its recent consolidation to clear both its 200-hour and 100-day moving averages in a push from 140.60 to 142.00 during the session.
This comes amid a more sluggish risk mood, with equities weighed down amid negative COVID-19 developments in China.
EUR/USD also fell from 1.0280 to 1.0230 as price broke below its own 200-hour moving average and GBP/USD slipped from 1.1835 to a low of 1.1785 before keeping closer to 1.1800 now.
Meanwhile, USD/CAD is looking to build on a push above 1.3400, up 0.3% to 1.3430 currently. AUD/USD is down 0.8% to 0.6620 as it also broke below its own 200-hour moving average – another technical indication that dollar buyers are wrestling back some near-term momentum.
In terms of headlines, it was a quiet one for the most part and we may not get much until the FOMC meeting minutes release on Wednesday. Just be reminded that trading interest this week will be cut short with the US Thanksgiving holiday coming up on Thursday.