The dollar steadied, having retreated late last week due to concerns over U.S.-China trade tensions and following data that showed the U.S. economy created the fewest jobs in six months in March. The dollar index had set a one-month high of 90.597 ahead of the U.S. nonfarm payrolls report data on Friday but later lost some steam, weighed down by concerns about the U.S.-China trade dispute and the disappointing U.S. jobs data. China warned on Friday it was fully prepared to respond with a “fierce counter strike” of fresh trade measures if the United States follows through on President Donald Trump’s threat to slap tariffs on an additional $100 billion of Chinese goods. Markets showed limited reaction after Syrian state TV said there were casualties in what it reported was a suspected U.S. missile attack on a major air base in central Syria. The United States, however, denied it had launched any air strikes against the country.
In currency markets, the dollar steadied on the safe haven yen at 107.00, just short of the recent six-week peak of 107.49. The euro held at 1.2274, after bouncing from a trough of 1.2212, while the dollar index was a fraction firmer at 90.184.
In Commodities, Oil prices edged up with Brent crude futures for June rising 28 cents to 67.39 a barrel, while U.S. crude gained 23 cents to 62.29 a barrel. The precious metal eased slightly to 1332 area settling within the recent trading range.
Forex market economic is starting today with a focus on minor economic data related to the economies of UK and Canada. The key economic event for today is the Business Outlook Survey from Bank of Canada and Halifax HPI m/m. Low volatility and price actions is expected for the, GBP and especially for the CAD currency pairs.