The US dollar is slowly inching back up after getting destroyed against the majors following last Friday's dismal jobs report.
The dollar index is stronger by about 0.2% at 94.17. It got as high as 94.26 earlier in the morning.
"Indeed, anticipation of Fed policy is shaping the investment climate more broadly than simply the dollar's exchange rate," wrote Marc Chandler, the global head of currency strategy at Brown Brothers Harriman, in a note to clients.
"The dollar's setback will likely support a broad array of commodity prices, including oil and gold. It may also support so-called risk assets, emerging market stocks."
As for the rest of the world, here's the scoreboard as of 8:18 a.m. ET:
- The Japanese yen is weaker by 0.5% at 107.12 per dollar. "Japanese officials must be frustrated," wrote Chandler. "However, despite the rhetoric that may be rolled out, the fact that it appears to be more of a dollar move than a yen move may dissuade Japan from intervening. Moreover, the record of unilateral intervention by the BOJ, even when done in size, is not particularly inspiring."
- The British pound is down by 0.8% to a three-week low of 1.4408 against the dollar as the Leave campaign continues to gain momentum. Both the YouGov poll for Good Morning Britain and the New TNS Poll reported by Reuters showed that the Leave vote was ahead.
- The euro is little changed at 1.1357 against the dollar after Germany's disappointing factory orders report. Orders fell by 2% in April, way below the expected 0.5% drop. This was the biggest monthly decline since July 2015. Orders from outside the eurozone tumbled 8.3%, while those from inside the eurozone climbed 2.5%.
- The Kazakh tenge is stronger by 0.8% at 334.955 per dollar after the central bank held rates at 15%.