It’s shaping up to be a tale of three sessions today.
The US dollar was softer in Asia-Pacific trading that was thinned by a Japanese holiday. Generally, the dollar was down 20-25 pips.
Europeans arrived and began buying US dollars by the handfull and easily reversed the early moves. The euro fell to 1.1786 from 1.1871 with the help of sovereign QE talk. The Aussie and kiwi fared worse, falling by more than a cent from the highs.
After US traders arrived, the dollar is beginning to lose its shine. Cable found good bidders earlier at 1.5100 in a half-cent bounce while the euro has climbed 40 pips form the lows. USD/JPY has slumped back to 118.64 from 119.32.
There really isn’t a strong theme in terms of news. The NFP fallout from Friday is still working its way through but I get the sense the market would rather focus on the ECB, China and the Greek elections. The latest swing came after oil prices began to crack, once again. WTI fell by as much as 5% and is trading below $46.
The economic calendar for the rest of the day is light with only Lockhart (12:40 pm ET, 17:40 GMT) remaining.