DXY opens lower and continues last week's bearish closing trend

Ross J Burland FXStreet

DXY has opened slightly lower today at 98.77 vs the close of 98.79 and is currently -0.15% at the time of writing in a fairly muted reaction to Macrons victory.

These quotes are according to Bloomberg in early Asia and prices opening after Macron won the French presidential elections in a landslide win of over 65%.

The victory trade was more apparent in the euro crosses with EUR/USD scoring a first high at 1.1010 on an open of 1.0999 vs the Friday close was 1.0985. The risk trade is more obvious in the EUR/JPY cross that translated into a bid while the greenback was dragging the Yen lower to 113.08 as a relief in the markets. EUR/JPY opened higher today at 124.30 with a high of 124.59 vs the close of 123.54.

The dollar was offered last week on the back of a market long of the euro coming into these elections and despite the nonfarm payrolls and employment where the US added 221,000 new jobs in April. The unemployment rate also fell to 4.4% and its lowest in a decade, but wages remained weak and that continues to weigh on the greenback.

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Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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