A gloomy market opening yesterday saw slow movement in the New York session due to the US market being on holiday in conjunction with Memorial Day.
The US dollar remained weak in the market as investors were wary of issues and the focus is now on trade negotiations between the US and Europe.
After the previous tariff war with China eased, President Donald Trump threatened to impose 50% tariffs on imported goods from Europe.
Initially, Trump saw no way to reach an agreement, but discussions also took place with European Commission President Ursula von der Leyen who asked for a period for a trade agreement to be reached.
Trump agreed to set July 9 as the deadline to reach an agreement with Europe, a postponement from June 1.
Several other major currencies are taking advantage of the opportunity to continue their rise as the US dollar lost its strengthening momentum in the market.
The Euro hit a 1-month high of around $1.1400, while the Pound hit a 3-month high of around $1.3600.
The lack of economic data to focus on at the start of the week suggests that the sluggish momentum will continue for the next few sessions.
In the New York session tonight, investors will be watching US durable goods orders data for April along with the US consumer confidence survey report for May.
The latest data readings could have some influence on the current movement of the US dollar before the focus shifts to the FOMC meeting minutes and US Gross Domestic Product (GDP) data on Thursday.
