Dollar a little softer ahead of European markets open

Author: Justin Low | Category: News

The greenback continues to hold slightly weaker on the new day

WCRS 21-06
Movement among major currencies have been modest so far today as markets continue to digest the situation after the FOMC meeting on Wednesday. With the Fed out of the way now, the focus will slowly start turning towards next week's Trump-Xi meeting.

For now, the dollar remains pressured a little but nothing overwhelming as what we saw yesterday. EUR/USD continues to sit close to the 1.1300 handle with large expiries something to consider to keep price action anchored on the day. That said, we'll have PMI survey data from the euro area later that may help to inject volatility in the single currency.

Other than that, the major focus remains on yields as bonds are rallying a little again following a reversal in sentiment overnight. Treasury yields are marked lower today and that's helping give the yen a bit of a lift with USD/JPY inching towards the 107.00 handle earlier in Asia Pacific trading.

With yields being punished everywhere, the easy money has turned to gold and bullion is up to test the $1,400 level currently in another solid day of gains thus far.

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