Dollar gets a check back as early week momentum falters ...Middle East

Going back to the dollar though, it struggled despite the conditions in broader markets. One can point to the US CPI report yesterday being cooler than expected. But again, remember that we haven't seen any major impact from tariffs just yet. In any case, the dollar lost modest ground and we're now starting to see near-term technical levels get called into question:

So, that's a key test of resolve for dollar buyers as we approach mid-week.

Elsewhere, GBP/USD has already recovered its opening gap lower from the start of the week to return above 1.3300. It is the same for AUD/USD as well with the pair now up to 0.6475 on the day. In the case of the aussie, another test of 0.6500 looks to be beckoning and a breakout there could lead to stronger gains in the second half of the week.

This article was written by Justin Low at www.forexlive.com.

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