After a broad-based dip at the start of the U.S. session, the greenback has come storming back over the last few hours. Naturally, this has caused the earlier bounce in EUR/USD to fade, though USD/JPY hasn’t seen much a corresponding rally.
U.S. traders are dragging themselves to work for a holiday-shortened week, though they are likely to have increasingly urgent daydreams about Thursday’s coming gluttony and tryptophan-induced afternoon naps as the week goes on.
After Monday’s big dollar-bullish move, the foreign exchange market has been relatively mixed over the last 48 hours, not coincidentally mirroring the uncertainty traders are feeling toward future Federal Reserve policy.
Italy, Lithuania, Austria and Spain risk breaking European Union rules with their 2016 budget plans, the European Commission said on Tuesday, as it took time to assess the fiscal impact of the refugee crisis in Europe and additional security expenses in France.