At the onset of the new week, the performance of the dollar is varied. While the dollar-bloc currencies and Japanese yen exhibit weakness, European currencies are demonstrating strength today.
Notably, Japanese, Taiwanese, and Australian equity markets experienced rallies, although many other major regional bourses recorded declines. Following a 1.15% ascent last week, Europe's Stoxx 600 is currently down by approximately 0.35%, marking its sixth consecutive weekly gain. US index futures are showing narrow mixed trends.
Despite gold displaying a positive performance ahead of the weekend, there has been limited follow-through buying today, resulting in the precious metal trading within a narrow range.
Last Friday, April WTI settled at its lowest level in a week, near $76.50, and today it dipped further to around $75.85.
Asia Pacific
Japan is set to report January CPI tomorrow, with previous Tokyo figures suggesting a potential dip in headline and core CPI below 2%. The dollar remains within the range of approximately JPY150.30-JPY150.75 observed before the weekend.
The Australian dollar, after touching $0.6580 twice on Friday, retreated to nearly $0.6540 today, maintaining levels above the session low near $0.6550.
Europe
The preliminary estimate of February CPI for the eurozone is anticipated at the end of the week. The euro, previously trading within a narrow range below $1.0840, has recently shown a modest upward trend over eight consecutive sessions before facing resistance ahead of the weekend.
Sterling has remained within its pre-weekend range today, fluctuating between approximately $1.2655 and $1.2690.
America
Today sees the release of new home sales and the Dallas Fed survey, which typically do not significantly impact the market. On Tuesday, durable goods orders are expected from the US, with a potentially weak report. Additionally, Richmond Fed surveys and the Dallas Fed's services survey are scheduled for release tomorrow.
Canada's economic calendar for the week starts off quietly, with the highlight being Thursday's release of December and Q4 GDP figures.