The dollar index traded lower following the lower than expected wage growth in the US as reflected in the NFP numbers Friday afternoon. US equity markets reacted with a sharp move higher that is expected to carry in the Asian markets and EU markets Monday morning yet the higher Euro will be a drag for EU markets. FX markets traded in narrow ranges on a softer dollar while EU currencies traded higher as well as emerging markets currencies. OIL closed higher on expectations that the summer demand will push prices higher on an already tight market. Oil closed above 74$ per barrel, just a dollar bellow last week highs.
ECB President Draghi speech at 2 pm is the important news on the agenda Monday.
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