FX Update: The dollar has opened the new week on a firmer footing
FX Update: The dollar has opened the new week on a firmer footing, with EUR-USD ebbing to a three-session low of 1.2006 and USD-JPY lifting back to within a few pips of Friday's 12-day high at 113.31. The dollar has also made gains versus sterling and the Australian dollar, tumbling by 0.4% against the latter to a two-session low of 0.7835. The antipodean currency was helped by a forecast for iron ore prices to tumble 20% this year on the back of rising global supply and falling Chinese demand. The forecast was made by Australia's Department of Industry, Innovation and Science. There was suspected intervention by the Bank of Korea in USD-KRW, which surged as a consequence. Trading conditions have been on the thin side, with Japanese markets closed today for the Coming of Age public holiday today.