[MARKET ANALYSIS] DXY is rangebound after giving back some of the post-ISM spoils, while US President Trump signed the USD 1.2tln funding bill to end the government shutdown

DXY: Flat

• Lacks direction after it weakened against most major peers yesterday and gave back some of the post-ISM spoils, while JOLTS data was delayed, and there were several comments from Fed speakers, but didn't provide anything incrementally new. More recently, US President Trump has now signed the USD 1.2tln spending bill, which the House approved earlier, to end the government shutdown.

EUR/USD: +0.1%

• Eked slight gains but with the upside limited amid a lack of catalysts from the bloc and as Eurozone HICP data looms.

GBP/USD: +0.1%

• Just about reclaimed the 1.3700 handle in uneventful trade with a very quiet calendar for the UK ahead of tomorrow's BoE rate decision, while there was little reaction seen to NIESR raising its UK 2026 GDP growth forecast to 1.4% from 1.2%.

USD/JPY: +0.3%

• Extended on recent advances as the Japanese currency continues to underperform amid the ongoing expectations for a landslide victory by Japanese PM Takaichi's ruling LDP at the snap election on Sunday.

Antipodeans: AUD/USD Flat / NZD/USD -0.2&

• Price action is rangebound amid the mixed risk appetite in Asia, and with NZD/USD not helped by the ultimately mixed employment and labour cost data from New Zealand.

The DXY remains rangebound following a slight retreat and the recent signing of a USD 1.2 trillion funding bill by President Trump, which signifies political stability and could influence market sentiment. The mixed performance against major currencies reflects a lack of strong directional catalysts, particularly as the JOLTS data was delayed and Fed comments offered little new insight. This backdrop suggests traders may be cautiously positioning ahead of key economic data and central bank decisions.