The US Dollar continued building on its positive closing from this past Friday, gaining against its major counterparts and keeping commodity & equity prices lower during the Asian session. Equities have been flat, with the Nikkei trading -0.02% lower but perhaps the brunt of the selling took place in EURUSD which was -69 points lower and GBPUSD which was -54 pips lower at the time of writing. The Dollar was supported by the hangover of Ben Bernanke’s speech from this past Friday in which the Fed chairman said he saw a case for further action and that inflation was moving downwards. Perhaps his lack of details regarding the size and the time frame for the asset purchase program kept Dollar bulls interested.
Looking ahead, the forex economic calendar is rather light and we look forward to the US industrial production reading at 1315 GMT.
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