Dollar Lower After Weak US Data

The dollar actually finished last week at a similar level to which it started although we had a lot of fresh info to get through before we got back to that level. The Fed meeting had contributed to a stronger move for the greenback and that had continued into the end of the week, but poor data prints and some more Dovish comments from Fed members helped to push it back off it’s recent highs in the US session on Friday.

Looking ahead for the rest of the week and although it’s a much quieter week in terms of fundamental data, we do hear from a lot of central bankers through the week and the RBNZ hold their meeting on Thursday, but we should see smoother trading conditions as traders get a change to assess the plethora of information that we got last week.

Into today’s sessions and it’s very quiet on the fundamental data release front with just second and third tier data due out, the stock markets finished the week well on Friday and this should lend some support to the UsdJpy and Yen crosses through the Asian session.

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