[MARKET ANALYSIS] DXY ekes slight gains amid higher oil prices and in quiet FX trade

DXY: +0.1%

• DXY is marginally positive as higher oil prices spur upside in yields and stoke inflationary pressures, which follows a lack of a breakthrough on a US-Iran peace agreement and with US President reportedly proposing tougher terms, while Iran was also said to consider proposing its own changes to the text.

EUR/USD: -0.1%

• Trades rangebound and takes a breather after last Friday's fluctuations, while ECB rhetoric remains hawkish with Schnabel noting that the risk of de-anchoring inflation expectations is rising and they can no longer look through the energy shock.

GBP/USD: +0.1%

• Ekes slight gains in quiet trade across the FX space, while there were comments over the weekend from BoE’s Mann that the long run of good luck central bankers experienced in containing inflation has run out with a more shock-prone era setting in.

USD/JPY: +0.1%

• Gradually climbed alongside higher oil prices and a firmer buck, albeit with the upside contained amid a lack of tier-1 data releases from Japan.

Antipodeans: AUD/USD Flat / NZD/USD -0.3%

• AUD/USD lacks direction following mixed Chinese PMI data, while NZD/USD is subdued with participants in New Zealand away for a holiday.