Major currencies are keeping quieter to start the day, after the dollar was beaten down in trading at the end of last week. Stocks continued their good form and US futures are also sitting a touch higher now in the early European trading.
It is a partial holiday in the US today, with the bond market closed but stocks will still be trading so it may not necessarily be all too quiet.
The greenback is seeing itself in a vulnerable position with EUR/USD hitting three-week highs above 1.1800 while GBP/USD is trading at a one-month high above 1.3000. Meanwhile, USD/JPY is also hitting a one-week low as the pair is slipping below 105.50.
Gold is also holding steadier after breaking key trendline resistance around $1,911 at the end of last week to trade closer to $1,930 currently.
Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.
The market is still largely focused on US stimulus talks and US election odds, so expect that to continue to steal the spotlight this week. Looking ahead, the markets today will also focus on the European Central Bank President Christine Lagarde’s speech, due at 11:00 GMT.
US Dollar Seen Lower while Stimulus Hopes Remain
Published on 2020-10-12 07:05
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