[MARKET ANALYSIS] DXY softens amid lower oil prices and yields, while participants await central bank meetings this week including the FOMC

DXY: -0.3%Softened to start the week amid lower oil prices and yields following the pause in strikes between the US and Iran over the weekend, which has spurred a mostly positive risk environment. Newsflow from the US remained very quiet outside of geopolitics, while participants look ahead to this week's main events, including several major central bank policy meetings (FOMC, BoE & BoJ) and key tech earnings from more Mag-7 companies.EUR/USD: +0.4%Climbed at the open and reclaimed the 1.1400 handle amid the softer buck, while there were recent comments from ECB’s Zigman that the impact from renewed Middle East fighting will take time to appear in economic data, with uncertainty remaining and inflation effects expected to emerge in coming months.GBP/USD: +0.3%Benefited from the weaker dollar but with further upside capped and trade contained within the 1.3300 handle, while notable pertinent updates over the weekend included PM Burnham ruling out holding an early general election.USD/JPY: -0.2%Edged lower amid pressure in the greenback, but with the downside cushioned following softer-than-expected Services PPI data and with participants awaiting the central bank policy decisions later in the week, including from the BoJ.Antipodeans: AUD/USD +0.3% / NZD/USD +0.1%Eked mild gains amid the positive risk appetite, albeit with the upside capped amid a quiet calendar to start the week, while it was reported that Australian PM Albanese said he will appeal directly to US President Trump over new tariffs, and described the levies as unjustified.