US dollar
Following a US holiday on Friday, markets on Monday have shrugged off the Covid-19 clouds that dominated the weekend press and is looking on a positive start to the week. Asian equity markets have made a strong start, with the US Dollar easing lower across the board.
Coronavirus cases continued rising over the weekend in the US, with the total number of cases nearing 2.9 million and deaths closing in on 130,000. The situation in Houston is being compared to that seen in New York in early April and Florida seeing around 10,000 cases per day.
USD/JPY stalled the advance near 107.80 amid broad US dollar weakness, as the risk-on mood persists. On the other hand, the risk-on mood is pushing EUR/USD toward 1.13 while GBP/USD is holding up around 1.25.
Oil prices are benefiting from optimism, with WTI trading above $40 while Gold is also steady above $1,770.
Looking forward, the second reading of the UK’s Construction PMI for June, expected 47 versus 28.9 prior is coming at 08:30 GMT followed by the Eurozone’s Retail Sales at 09:00 GMT.
The US economic docket highlights the release of ISM Non-Manufacturing PMI, which might influence the USD price dynamics and could produce some meaningful trading opportunities later during the early North American session.