The dollar is keeping a slight advance across the board to start European morning trade. It's nothing significant but it does reaffirm some slight resilience ahead of the key risk events this week.
The most notable of which is the FOMC meeting on Wednesday. The market will be watching for clues on any added hawkishness by Fed policymakers. That will certainly set the tone for the rest of the week for the dollar.
Besides that, there will be some other US data to scavenge through just before the Fed. We'll have PPI figures (Tuesday) and retail sales (Wednesday) to navigate through.
For now though, the dollar is up slightly but it isn't hinting at much. EUR/USD has basically been trapped in a rather "lazy" range since last month:
Meanwhile, USD/JPY is up a touch to 113.50 levels but the pair is still trapped between key support around 112.60-72 and resistance at 114.00.
Commodity currencies are also down a little despite the overall risk mood holding up. AUD/USD is down 0.3% to 0.7150 as topside stalls around 0.7180 for now. The pair is nearing its 100-hour moving average @ 0.7144.
Elsewhere, USD/CAD is recovering some poise post-BOC in a push to 1.2730-40 currently. The pair is challenging its 200-hour moving average @ 1.2739 and that is a key near-term level to watch to start the week.
