The market movement was gloomy at the opening of the early Monday week yesterday after passing a turbulent week before.
The US dollar is seen to still maintain some strengthening momentum at the close of last week, seeing the king of currencies successfully strengthen against several major currencies.
Market analysts however still maintain a warning for the risk of further depreciation of the US dollar which could happen at any time.
Although the President of the Federal Reserve (Fed) of New York John William at the end of last week stated that the central bank is not yet thinking about a measure to cut interest rates, but the market still sees indications that the Fed is heading in the direction of policy easing.
The United States (US) economic growth data, the PCE price index and the US consumer confidence survey will be the markets to watch this week for the next indication.
The movement of other major currencies is expected to fluctuate according to the pace of changes in the current trading of the US dollar.
The yen will be the focus of today's trading as the market awaits the results of the Japanese central bank meeting.
The Bank of Japan (BOJ) is expected to keep rates unchanged, but what investors are more concerned about is the signal for the central bank to end its negative interest rate policy.
The Euro was flat at the start of the week while the Pound traded lower with market players likely to have started to price-in for expected lower UK inflation data.
The Australian dollar was seen closing the New York session trading around the $0.6700 level for 3 consecutive days while the New Zealand dollar managed to record a fresh 5-month high, but retreated back to around the $0.6200 level.
Commodity market developments, crude oil prices for both benchmarks, namely WTI and Brent, each recorded a positive recovery.
Meanwhile, gold trading was still slow at the beginning of the week with the price hovering around the $2,030 level until this morning's Asian session.
