The dollar is still keeping lower in European morning trade
There isn’t much change to the market theme to start the week as risk-on vibes are leading the greenback lower, and that is staying the course in European trading so far.
The dollar has seen losses deepen in early trades but have consolidated a little for now. In the case of EUR/USD, buyers are still flirting with a potential break of the 200-hour MA (blue line) @ 1.0844 now, with the 50.0 retracement level @ 1.0859 also in play.
USD/JPY is also trading around 107.10-20 levels after touching a low of 107.05 earlier while AUD/USD is keeping over 1% gains around 0.6450-60 since early trades.
European stocks are still maintaining a more upbeat tone with the DAX up by over 2%, and US futures are also reflecting a more optimistic take as they are up by ~1%.
Elsewhere, oil prices are still pressured with WTI crude down by over 14% to $ 14.50.
Looking ahead, the market is still keeping some focus on the reopening of economies for now – especially Europe – but again, there is still some cause for concern as businesses returning does not necessarily mean businesses flourishing in this environment.
Then, there is still the case of the Fed and ECB as well as earnings releases this week.