Price movements on major charts were seen to be slow at the opening of the week yesterday as expected due to the American market being on holiday in conjunction with the President's Day celebration.
The US dollar remained weak at its lowest level in 2 years following the dismal performance in trading last week.
US consumer and producer inflation data showed an increase in readings, but retail sales recorded a decline in January.
The yen became the focus currency as it managed to show excellent performance, maintaining the strengthening pattern from last week until the opening of this week driven by positive Japanese economic growth data.
Meanwhile, the Aussie and Kiwi dollars are expected to show interesting movements this week as investors await the results of their respective central bank meetings.
This morning (Tuesday), the Reserve Bank of Australia (RBA) will announce its latest interest rate with an expected rate cut of 25 basis points to be implemented.
After holding at 4.35% since the November 2023 meeting, the RBA is set to implement its first interest rate cut to 4.10%.
Meanwhile, the Reserve Bank of New Zealand (RBNZ) policy meeting results are due on Wednesday, with expectations of an aggressive 50 basis point rate cut.
In addition, focus on today's data will also be on the UK jobs report in the European session and in the New York session, Canadian inflation data will be watched.
The market will also follow the progress of talks in Saudi Arabia between US and Russian officials regarding talks to end the war in Ukraine.
