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Much of the day was spent in range bound trade, but the USD index was on the rise late in the day. AUD/USD looked to be on the back foot from early London trade, and having rejected .7600 in Asia, we then went on to take out .7500, but support levels not too far off from here. NZD followed, but ahead of the Fonterra auctions Tuesday, there was not too much aggressive intent here. The CAD suffered also, as Oil prices turned lower. Both the CAD and WTI are trading at higher levels overall, so not major support levels giving way here. EUR/USD and Cable were moving in lockstep for most of the day, with the former drifting back under 1.1100 again, but finding support below the figure. Cable is finding support ahead of 1.4300 for now, but losses here have stretched to a little over a cent from Friday’s highs through 1.4400. Much focus on USD/JPY this week with the BoJ overnight and the FOMC later in the week. Comments from PM advisor Hamada that he does not expect the BoJ to ease further at present put a cap on the pair around 113.80, with Asia gains topping our around 114.00. The crosses were all pretty quiet, with EUR/CHF notably drifting away from 1.1000 levels again.
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