Currencies still largely rangebound on the day
The aussie and kiwi are holding decent gains as exporter bids are noted in the former on the back of some month-end demand. Chinese industrial data over the weekend was also more upbeat so that is another contributing factor to the slightly more positive tone in both currencies to start the new week.
Other than that, the dollar is just a smidge weaker against the rest of the major currencies bloc but trading ranges remain relatively narrow thus far so I wouldn't read anything into the moves that we're seeing here.
Friday's murky Q1 GDP report gave reason for traders to try and pick out a peak in the dollar run but unless other major currencies develop brighter prospects, it's hard to imagine a significant downfall in the dollar in the near-term.
Risk sentiment is also a little mixed in trading so far and that will offer little for European traders to work with later in the session. As an aside, be wary of slight bids in the euro at the open as Italian bonds look set to surge on a relief rally later after S&P refrained from downgrading its ratings last Friday.
