In the G10 currencies today, NOK and AUD are the top gainers up 0.36% and 0.22% versus the dollar, respectively. NZD and USD are among the weakest currencies. The USD-index has started to soften once again after having a slightly weaker start on Monday. In our view, nothing much is going to happen before US CPI release on Friday where a good print is enough to lift USD temporarily. Elsewhere, GBP is still weakening with not much change expected in outlook before manufacturing production on Wednesday. In the equities space, the Nikkei 225 has closed 0.30% down, at 19,996 and the European equities have also opened lower with FTSE down 0.1%, DAX down 0.1%, and CAC down 0.2% so far. In the rates market, the EU and US 10-year yields are consolidating at 0.45% and 2.26%, respectively. In the energy space, the WTI front month is consolidating at $49.52; API crude inventory data will be key ahead of the DoE on Wednesday.
Overnight, the Australian NAB business confidence has come in positive at 12, up from 9 previously. Also, the Chinese Trade balance has come in higher than expected, though exports and imports have risen slightly less than expected. In terms of data, there is no significant release for the rest of the day but on Wednesday, Chinese inflation rate and RBNZ rates decision are the only significant releases.