The greenback is the weakest major currency on the day

It's still early in the day, but a minor theme is developing so far and that's slight dollar weakness. Most major currencies are trading near the highs against the dollar (AUD/USD and NZD/USD in fact just touched session highs), but ranges remain narrow.

Last week, the dollar clawed back some of the losses sustained from earlier in the year and was only outperformed by the Japanese yen - and that's quite acceptable given the risk-off sentiment generated from the rout in equities.

The dollar index now is back above 90.00, as the currency market has been a little (but not all too much) distracted by what's happening in equities and that has provided some relief to the dollar. Even talks of the government shutting down barely had any impact at all.

The currency market is taking a cue from bond markets so far, as Treasury futures are lower on the day (since the cash market is still closed as Japan is on holiday) - and that's helping with the AUD and NZD rally so far (bonds lower and equities higher, better risk sentiment).

But just be warned that in the last week, whenever yields rise it has a negative spillover effect to equities and in turn ultimately drives sentiment in the FX market as well. So let's see if this will continue over later in European trading.

Anyway, here was how the major bloc performed in last week's trading: