The USD is on the offense this morning for the most part as the first full day of post-holiday trading gets underway in New York. Overnight was a mixed bag for the Greenback as early weakness in index futures put a bit of downward pressure on the USD/JPY and mixed pressure on EURO and Cable; thin conditions were reported in Asia as a half-day holiday was seen in Japan. The volumes remained thinner into European trade but the main focus was the EURO-Sterling cross as the rate corrected from lifetime highs late last year; rumors that a large investment house would need Cable to meet funding needs as well as repatriation by oil companies supported the GBP into early New York scoring a 1.4581 high print in late European action.

Rate struggles to track EURO higher; fails at resistance to make lows in New York after follow-on buying dries up and EURO/GBP cross reaches new lifetime high.