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5 Sep 2016

USD drops modestly on Monday

After sharp moves on Friday, low volatility prevailed in the forex market on Monday. The US dollar dropped modestly, as investors continue to digest Friday’s US employment report.

The US Dollar index, which gauges the US dollar against its main competitors, is losing 0.12% today. It traded all day below the 96.00 handle. It bottomed during the European session at 95.48 and then bounced to the upside. The recovery was capped below 95.80 and the DXY was about to end the day hovering around 95.67.

In the currency market, the best performer was the Japanese yen while the Euro and the US dollar were the worst, showing modest losses. The low volatility environment was due to US market inactivity.

Data and events ahead

Looking ahead in the US, the ISM Non-manufacturing will be released  tomorrow, followed by the Fed’s Beige Book on Wednesday and the weekly report on jobless claims Thursday. On Tuesday, in Australia, the central bank will announce its decision on monetary policy, while the European Central Bank will do it Thursday.

 

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USD/CAD: technical picture looking more opaque

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