Major currencies started the week in a quiet mood with a holiday in Tokyo making...
SYDNEY - Major currencies started the week in a quiet mood with a holiday in Tokyo making for thin trading conditions and investors waiting to hear the first official speech from the new head of the European Central Bank later in the session.
The dollar had tried to rally on Friday after U.S. payrolls beat expectations, but was undone by a soft manufacturing survey which left it looking heavy.as bulls looked to test the October peak of $1.1179 and the 200‑day moving average at $1.1195. The dollar has been under pressure since the Federal Reserve cut rates last Wednesday and left the door open to more if needed, while all but ruling out the risk of a tightening.
“It’s also likely to mean a weaker USD, CAD, AUD and NZD as these are the currencies with the highest interest rates currently and therefore the greatest leeway to cut rates. This is probably why USD and CAD were the big losers last week.”currencies as interest rates in both countries are seen on hold or even rising in coming months.
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