The dollar was trading higher against the euro and the yen, and against the British pound - though this came after some high levels of intraday volatility.
Sentiment in GBP/USD remains relatively strong with the Bank of England expected to be not far behind the Federal Reserve in terms of their interest rate schedule.
The Bank of England is most likely not far behind the Fed in terms of rate rises, and for this reason cable has struggled to make any headway with neither side showing strength.
A strong rally in cable petered out midway through the session and the pair fell back to support at 1.5615. Resistance at the top of the trend channel proved to be too strong to breach.
The yen rallied in the wake of an IMF report on Friday. The IMF warned that Japan should prioritize its reform program again popularly called “abenomics” and not to rely on a weaker yen to solve its economic stagnation.
The British pound fell abruptly this morning after the release of a disappointing set of retail sales figures. GBP/USD fell 0.7% taking the level back...