Cable buyers hope to build on yesterday’s momentum
The run above 1.4000 yesterday caught a solid bid and stuck around despite risk being sold heavily in US trading. Buyers are still looking towards 1.4200 at this point. That said, further gains may have to wait despite the positives on the technical front.
As equities are keeping more of a defensive posture today, there might be some room for risk aversion plays and that could keep the dollar somewhat in favour later on.
For now though, there doesn’t seem to be much action with the greenback little changed across the board for the most part.
USD/CAD is holding slight above 1.2100 while AUD/USD is settling around 0.7820-30 levels. NZD/USD is a little lower @ 0.7260 but so far, commodity currencies aren’t really slipping too much as we get things underway in Europe.