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Decent economic news from Germany and the Eurozone gave added support to the single currency. The US dollar was down against the British pound and the euro, but trading higher on the yen.

The British pound was the big mover of the day again benefiting as risk tolerance returns to more normal levels. The VIX index dropped another five points today.

The US dollar was higher against commodity currencies on Monday. The greenback was trading up strongly against the Canadian, the New Zealand dollar and was breaking even on the Australian dollar.

The euro was trading up against the US dollar on Monday. Friday’s US employment figures proved to be unspectacular and gave little support to the greenback. At 173,000 the headline figure for the nonfarm payrolls was firmly at the low end of forecasts.

ECB chair Mario Draghi’s forward assessment for the Eurozone proved to be far more downbeat than markets had expected. In his statement, Draghi predicted that that inflation will remain subdued for “some years” to come and that this is likely to be a threat to future growth in the Eurozone.

Cable continued its bearish trend today pushing down below the 1.53 line. A disappointing outlook on the UK’s service industry was enough to keep the sell orders coming in.

The US dollar was up against the yen, the euro and the Canadian. The greenback edged down against the UK Pound which was oversold following steep declines yesterday.

The Australian dollar suffered a further blow today after the government’s official figures showed that GDP was much weaker in the second quarter than expected. GDP rose by 2% on the quarter a year earlier.

The US dollar was down more than half of one percent against a basket of currencies. The yen as usual strengthened sharply as a risk-off play. The euro and Canadian also climbed against the dollar but sterling lost ground on disappointing economic data as did most commodity currencies.

GBP/USD was trending lower for much of the day on the back of the figures with few meaningful retracements. Traders were aggressively testing the 1.53 level which was offering tentative support.