The greenback holds a little softer as gains earlier in the week ease up

WCRS 18-07

The aussie is the lead gainer after bouncing on the back of a more steady labour market report. I reckon the move higher has more to do with market participants seeing some relief for the currency as it means the RBA has some room to wait before committing to further rate cuts over the next few months.

Meanwhile, the franc and yen are also posting modest gains following poorer risk sentiment since overnight trading with a report by the WSJ suggesting that negotiations between US and China are at a 'standstill' certainly not helping the mood.

Add to the fact that we're seeing increasing signs of slowing global economic conditions (Japan exports sliding for a seventh straight month), that's putting markets in a bit more cautious mood ahead of European trading.

Other than that, major currencies are advancing slightly against the dollar amid a mixed backdrop for the week. The greenback gained on the first two days of the week before giving back some of that in the past two sessions in what has been a choppy week of trading as markets wait on fresh central bank and trade developments still.