USD flows: Quiet start

On a standard quiet Monday for data there is little reason to expect any significant FX movement. There hasn’t been much action overnight, with some initial USD losses in Asia reversed by the end of the session. Given the lack of data, the focus may be on the Trump-Zelensky meeting, with the Trump-Putin meeting seemingly not having achieved a great deal. With little expected out of the meeting, any reaction is likely to be risk positive, but in practice no reaction seems more likely.

Early trading in Europe is showing a mildly USD positive, risk negative tone, with EUR/CHF continuing to edge lower from Friday’s 4 month highs, and the USD trading a little stronger against the riskier currencies. But equities continue to hover close to the all time highs, and major moves look unlikely without some news.