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USD, AUD weakness main theme in early Asia

FXStreet (Bali) - The US Dollar is being sold quite hard across the board, as is the Australian Dollar with the Yen, Euro and Pound so far capitalizing the most on the American currency weakness.

As Valeria Bednarik, Chief Analyst at FXStreet, notes: "The week starts with local share markets trading in the red, which should continue to favor safe havens, yet Nikkei will be close on holiday, probably keeping market movements limited."

Looking at EUR/USD, despite currently spiking to 1.2640, Valeria notes: "The pair maintains a bearish tone according to the 1 hour chart that shows price again below its moving averages and indicators in negative territory, showing no directional strength at the time being."

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