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Dollar index (USDX) falls below 105

The dollar is facing further pressure just now. The USD/JPY has reversed an earlier rise above 149.70 and that has allowed the GBP/USD and EUR/USD to rise to fresh session highs. This has all added further downside pressure on the dollar index (USDX). The index had closed on Friday at 105.02 and it has now fallen further below the 105 handle. The GBP/USD is approaching important levels, as it rises above 1.24 and the EUR/USD has traded above 1.0750 now this morning, although that move has just been slightly dented by some weaker than expected Italian PMI data, realised a minute or two ago.The French and German equivalent data will shortly be released and it might be interesting to see if that is revised lower too

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