FX Update: The dollar has opened the week
FX Update: The dollar has opened the week in subdued fashion, narrowly orbiting the 1.0600 and 111.00 levels versus the euro and yen respectively, although still managing to edge out a new trend high versus the latter, at 111.18. EUR-USD has left its Friday trend low at 1.0569 untroubled. The USD index has traded flat today after rallying just over 4% to 13.5-year highs since Trump's election victory. Wall Street finished softer on Friday, and stocks in Asia have largely seen indifferent direction, though yen weakness propelled the Nikkei 225 to a 0.8% closing high. S&P 500 are showing a modest 0.2% gain, while oil prices are up over 1% on rekindled hopes for a credible Opec supply cut. Copper prices have rallied over 2%, logging a four-session peak but still remaining well off "Trumpflation" peak. The PBoC fixed the trading range of the yuan weaker for a record 12th consecutive day, still responding to the reflated dollar environment. Analysts expect more to come from the dollar rally, though a pause may be in story into the U.S. Thanksgiving holiday on Thursday.