The dollar is keeping firmer against the rest of the major currencies so far
The dollar is back in favour to start the week as it pares some of its losses from last week in trading so far today. The moves are rather mild with no firm breaks of any key technical levels observed just yet at least.
This comes amid the backdrop of a more choppy market mood with risk looking tepid for the most part. Investors appear resigned to wait on how Wall Street is going to react before making any big waves in the market today.
In the currencies space, the loonie is lagging amid a further fall in oil prices as oil briefly touched below $20 in Asia Pacific trading. Price is still lingering just around the figure handle now, down by about 5% on the day at $20.40.
But the movement elsewhere in the major currencies bloc is all about the dollar as we even see USD/JPY recoup losses to keep near the 108.00 handle for now.
For EUR/USD, price action is testing the key daily moving averages with the 200-day moving average @ 1.1080 and 100-day moving average @ 1.1048 in focus:
Those will be key levels to watch in the session ahead and as we approach the daily close later today, to see if the dollar momentum here can be sustained.
