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The dollar is coming back into favour again today as the market is facing a bit of a back and forth start to the new week, with risk sentiment still a little on edge after the heavy selling in US stocks yesterday.

EUR/USD is back under 1.1600 and GBP/USD below 1.3600 as sellers reclaim near-term control while commodity currencies are also trailing, holding near session lows as we get towards European morning trade today.

As such, it is tough to make much of a trend to start the week but we'll see if there will be a clearer theme in the sessions ahead.

CAD/JPY remains a notable pair to watch in the FX space as yields and energy prices are still key factors affecting market sentiment since last week. The pair is contesting its 100-day moving average since last week but still hasn't gotten a breakthrough.

Meanwhile, oil is looking perky as it contests $78 upon a break to its highest levels since 2014. Expect the run to keep up as the energy crisis continues to take shape globally.

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