Dollar resumes bullishness

The yen weakened further on Monday, receiving little support from a better-than-expected Japanese current account surplus for September, which came in at 963 billion yen rather than 534 billion that was expected.

USD/JPY broke above the 115.00 yen level early in the Asian session today. Despite the somewhat disappointing US nonfarm payrolls data on Friday, which briefly hurt the greenback, market players decided the USD was still the best bet and as such the dollar is outperforming and resumed its bullish trend.

Flows in general are expected to be light ahead of North American holidays (markets are closed in the US and Canada for Remembrance Day).

EUR/USD saw a modest bounce from 1.2419 to 1.2441 before easing back down to 1.2393.

EUR/CHF attempted to make tracks away from the 1.2021 spike low yesterday, the lowest in two years. Asia saw it consolidate between 1.2025-31. Action is expected by the Swiss National Bank if the prices get closer towards 1.2000, the central bank’s proverbial line in the sand.

USD/CHF did very little, holding between 0.9671-84.

GBP/USD did little in a relatively tight 1.5840-57 range.

AUD/USD opened in Asia at 0.8623 and see-sawed between 0.8615-52. Good Australian NAB data saw it to the high before a push back down to about where it started due to broad USD strength.

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