Today is the first day without extra unemployment benefits in the US
The market is in the mood to buy US dollars as New York and Toronto return from long weekends. That’s weighing on commodity prices as well and adding a negative mood to markets.
The dollar has extended to fresh highs against the euro and yen (shown above) in the past few minutes.
It will be all about the flows and technicals today with little scheduled news on the agenda. There’s no economic data today in the US or Canada. The lone notable event is a 3-year auction but sales that far up the curve rarely spill over into FX.
With that, it’s tough to find a reason to fade the dollar strength.