The dollar started the week on the back foot in a quiet European session, with EUR/USD and AUD/USD both advancing against the greenback and USD/JPY slipping. Traders are weighing the Fed outlook ahead of Jackson Hole next week while the US-Iran stalemate keeps the broader risk mood in check.
The US dollar lagged most major peers on Monday, with the Australian dollar leading gains as markets kept a light touch to start the week.
EUR/USD rose 0.2% to 1.1590 after briefly touching a high of 1.1615 earlier in the session. AUD/USD also advanced, climbing 0.6% to a fresh two-month high of 0.7125. USD/JPY stayed more muted, slipping 0.1% to 159.20.
Markets continue to assess the Middle East situation, while also weighing the Fed outlook ahead of Jackson Hole next week. There are no major US economic data releases on the calendar this week, so traders are left to their own devices for the most part.
The overall risk mood stayed steadier, with tech shares looking for a bounce to start the new week. European indices were lightly changed while S&P 500 futures rose 0.1%, with Nasdaq futures up 0.5%. Major US retailers report earnings this week, giving traders a checkpoint on the health of the American consumer.
In commodities, WTI crude oil gained 0.5% to $82.77. Gold added 0.6% to reach $4,402, broadly in line with levels seen the previous week.
Source: investingLive
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