It was partly the case on Friday already and we’re seeing that extend to today with Treasuries also looking more bid as yields back away from the post-CPI highs as well.

The greenback is little changed across the board, but sitting slightly lower against the commodity currencies with USD/CAD building on the retreat from 1.2600 on Friday to 1.2525 currently while AUD/USD is up 0.3% to 0.7355.

The latter is working its way back towards a test of its 100-day moving average @ 0.7365 and that will be a key technical level to eye to start the week:

The near-term chart also shows the 200-hour moving average nearby @ 0.7376 so that might offer some added resistance as sellers look to keep the downside momentum going.

Elsewhere, the dollar isn’t showing much poise with USD/JPY sticky around 113.90 while GBP/USD pared its early advance from 1.3440 to 1.3410-20 levels now.

Meanwhile, EUR/USD is barely changed and still keeping near its lowest levels since July last year with little firm support seen on the charts: