Majors consolidate ahead of key events, RBA first

FXStreet (Córdoba) - It was a quiet start to the week with majors consolidating within familiar ranges as investors await key events such as the UK elections on Thursday and US nonfarm payrolls on Friday. In line with expectations US factory orders did little to inspire the dollar.

After closing its third consecutive week with gains, EUR/USD retreated from above 1.1200 and settled around the 1.1150 area, unable to set short-term direction in the absence of news from Greece and its ongoing negotiations with creditors.

The pound showed a similar behaviour. GBP/USD steadied in a narrow range just above 1.5100, after backing away from a peak of 1.5490 last week. Latest polls continue to paint a hung parliament outcome.

USD/JPY remained capped by the 120.30 zone, while spent the New York session in a 30-pip range.

The Canadian dollar benefitted from higher oil prices. As WTI climbed above $60 a barrel, USD/CAD fell below 1.2100.

The AUD managed to erase intraday losses that followed weaker China PMI read. The Reserve Bank of Australia will announce its decision on monetary policy at 04.30 GMT, with consensus pointing to a 25 bps rate cut to 2.00%.