Despite a sharp Wall Street rally, and an uptick in yields, the dollar took it on the chin in N.Y. trade on Monday. This was a continuation of weakness seen following the initial dollar bounce after Friday's jobs report, and indicated a general paring of long-USD positions. EUR-USD ramped up to highs over 1.1040, after opening near 1.0950, as USD-JPY slipped into 124.45, from highs over 124.70 at the open. The biggest winner was the CAD, which rallied to seven-session highs against the USD, taking USD-CAD to lows of 1.3007 from highs over 1.3150.
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