Dollar holds firmer as we get into European morning trade

News

This comes as we see a slightly softer risk mood, with broader markets still largely digesting the US CPI data from yesterday. The greenback is higher across the board with AUD/USD being the biggest loser, down 1.2% to 0.6900 currently:

That said, the pair is still sandwiched between key technical levels with offers lined up closer to 0.7000 and then there is the August highs at 0.7125-36 also still limiting any major upside momentum. Meanwhile, downside support is seen closer to the 19 January and 6 February lows at 0.6855-70 at the moment, before the 200-day moving average (blue line) at 0.6803 comes into play.

Elsewhere, EUR/USD is down 0.3% to 1.0703 and GBP/USD now down 0.7% to 1.2087 as the pound falls after the softer UK inflation numbers earlier. In any case, the dollar technicals that were highlighted here yesterday are still mostly holding up so far.

Articles You May Like

Nvidia nearly doubles revenue on strong AI demand
Wall Street analysts tout our 2 cybersecurity stocks ahead of quarterly earnings
Sentiment Stabilization Reverses Yen Gains and Halts Gold’s Rebound
Over 20 MFs boost holdings in 9 stocks in Oct, with some surging up to 65% in FY25
Yen Slips Slightly as BoJ Offers No Clues on Rate Hike, Kiwi Struggles After Weak Services Data

Leave a Reply

Your email address will not be published. Required fields are marked *