The United States Dollar eked out further gains against commodity currencies in overnight trading but remains relatively rangebound against its counterparts in Europe. The US Dollar Index (DXY) opens this morning at a healthy 94.76, reflecting a slight decline of 0.13%.
The market enjoyed a relatively calm Monday with little from the Whitehouse or the domestic Economic Calendar to drive investor interest. However, slight movements did originate from Europe with the Euro gaining some ground against the USD to open at 1.1621 this morning. Spurred on by a positive speech from the ECB, market jitters from the previous week seem to have subsided and found support at current levels.
Across the channel, the Great British Pound fared markedly poorer than its European counterpart, swapping hands this morning at 1.3245. Bogged down by further Brexit instability, the Cable looks to find its feet this morning. Turning to Asia, both the Aussie and Kiwi were whittled down over the Monday session to open this morning at 0.7421 and 0.6932 while China enjoyed a bank holiday.
Attentions now turn to central banks with the Reserve Bank of Australia releasing monetary policy minutes and another speech from ECB president Mario Draghi. Closer to home, the US looks to Building Permits to drive momentum.