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Major currencies aren't doing a whole lot to start the day, but the pound is once again on the back foot as it sits near session lows going into European trading.
Cable is down by ~0.3% to 1.3128, trading at near two-week lows as sellers continue to push the agenda towards a test of 1.3100. The 200-bar moving average on the H4 chart sits at 1.3113 and a break under there will solidify further downside momentum.
The loonie is also a touch softer with USD/CAD holding above 1.3100 as oil prices continue to face some pressure to start the week. WTI is now flirting with levels just under $39 and that will be a factor to watch for the loonie alongside the BOC tomorrow.
Other than that, the big focus today will be on how the US cash market will perform after the long weekend. US futures are sitting in a bit more mixed, with S&P 500 futures up ~0.3% but Nasdaq futures are down ~0.3%.
Meanwhile, Asian equities are faring better after a softer start to the week yesterday.
I reckon we won't get much firm risk direction until we get to the US open later today so we'll see how that all plays out later in the day.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
