Stocks are continuing the late recovery from last week with European indices opening higher as US futures also tick up on the day. That is helping to see the aussie and kiwi stretch their light gains from earlier to a decent showing now. AUD/USD is up 0.6% on the day to just above 0.6950 currently:
The drop on Friday was held near the 50.0 Fib retracement level at 0.6864 and buyers are looking to try and erase the daily drop from then so far today.
Meanwhile, NZD/USD is up 0.4% to 0.6250 levels as well with USD/CAD down 0.3% to just below 1.2900 at the moment.
There isn't much else for traders to work with in terms of headlines but it looks like dip buyers in stocks are not throwing in the towel yet following the recent rally over the past few weeks. There is still some debate on whether the Fed pivot is the key in driving the rally and we might only get a better answer on Wednesday via the US CPI data.
