Dollar holds steady as European markets set to open

Author: Justin Low | Category: News

USD firms up a little on the day as we await the NFP report later in the US session


Ranges have been tight and limited today, as the NFP report casts a shadow over trading so far today. European traders are coming in and the cash equity markets are set to open at the top of the hour - but even so, things may still remain tepid and cautious until the NFP report is released.

Cable basically pared gains as it's almost unchanged on the day now. Meanwhile, EUR/USD continues to trade in a tight range following yesterday's run up close to the 2017 high of 1.2092.

The aussie remains on the backfoot following a surprise deficit in November trade balance data (and October's data got revised from a surplus to a deficit as well). And the Japanese yen remains the laggard as it was in trading yesterday.

The Chinese yuan is up on the day after the PBOC strengthened the CNY in its fixing today.

Here are the ranges of the major currencies against the dollar for today:

  • EUR/USD: 24 pips
  • USD/JPY: 38 pips
  • GBP/USD: 31 pips
  • USD/CHF: 21 pips
  • USD/CAD: 23 pips
  • AUD/USD: 34 pips
  • NZD/USD: 20 pips

A relatively narrow day so far as we head into European trading.

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