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Quiet Start for Dollar as Markets Await US Data, Fed Speeches
Dollar flat after US holiday weekend. Euro near $1.0840, yen weak at 157. JOLTS and ISM services data this week will test rate expectations.
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Currency markets opened the week in quiet trade, with the dollar little changed against the euro and the yen after the three-day US holiday weekend. Trading volumes were thin through the Asian and European sessions. Most major pairs held within tight ranges as investors waited for a series of US data releases and central bank speeches later in the week.
The euro traded near $1.0840. Sterling held around $1.2730. The yen stayed weak near 157, with the Bank of Japan's cautious tone keeping rate-hike expectations in check. The Swiss franc edged lower.
The calendar includes job openings data Tuesday and the ISM services index Wednesday. Federal Reserve and European Central Bank policymakers are also scheduled to speak. Each release will be parsed for signs of how fast the economy is cooling and whether inflation remains sticky.
The yen's weakness reflects the wide interest rate differential between the US and Japan. The Bank of Japan has signaled no rush to raise rates, leaving the carry trade intact. A break above 158 would test the level that prompted intervention in April.