From Marc Chandler at Bannockburn Global Forex:
The dollar begins the new week on a firm note despite the disappointing employment report last week, but except against the yen, it remains within recent ranges. Japanese official rhetoric has not increased and the sell-off in JGBs seemed to add to the weight on the yen. The dollar rose to JPY162.40, a yen higher than it settled before the weekend. The yen is off about 0.6% late in the European morning. Of the G10 currencies, the New Zealand dollar is off almost as much even though its central bank is likely to hike is key rate in the middle of the week.
OPEC+ agreed to boost output and oil prices are a little softer. Yet, the Norwegian krone is only G10 currency that is not falling against the US dollar today. French budget problems saw its 10-year premium over Germany widen to nine-month highs last week (~80 bp) but is flat today. ECB President Lagarde apparently is mulling re-entering French politics, where the National Front candidates are running ahead on the pols for next year’s contest. After the US jobs data last week, the Fed funds futures are now pricing in a Fed hike at end of the year rather than in October.....
....MUCH MORE
