• Gold up $4 to $1921
  • US 10-year yields up 3.4 bps to 4.29%
  • WTI crude oil down 25-cents to $87.26
  • S&P 500 up 0.6%
  • JPY leads, USD lags

The US dollar generally sagged in North American trading. The euro was particularly perky and it wasn't clear why; potentially on position squaring ahead of this week's ECB decision. In any case, it climbed to 1.0750 from 1.0720 in a strong move early in New York, then chopped sideways.

USD/JPY was the main focus globally after the opening gap down. There was a strong bounce initially but another flush lower that bottomed early in Europe followed by a second big bounce. But dollar selling in NY took and at 147.00 capped the bounce and it faded to 146.50.

Cable tried 1.2550 a pair of times but couldn't get through and then fell to 1.2510.

The commodity currencies were all strong as the mood to start the week was upbeat. Stocks were strong and oil briefly rallied before closing slightly lower an an anticipated US supply build this week. There were marginal new daily highs in AUD, CAD and NZD in NY trade but it was mostly sideways action after strong gains in Europe and Asia.

There wasn't much data to digest but a soft Treasury auction weakened bonds ahead of a big week of supply.

FX news wrap Sept 11