Major currencies keep more subdued to start European morning trade

Author: Justin Low | Category: News

Little change across the board amid narrow ranges

Dollar pairs are keeping within 10 pips or 0.1% change of one another and that pretty much sets the tone for the time being to start the day in Europe.

The dollar showed some poise on Friday after having struggled for the majority of last week, so that keeps things more interesting from a technical perspective still.

EUR/USD seems to be caught ranging around 1.1800 and 1.1900 for now while GBP/USD failed to try and challenge the 1.4000 handle and has since slipped back below its 100-day moving average, seen @ 1.3919 currently.

USD/JPY is an interesting one as it keeps below 110.00 and is hovering around its 100-day moving average @ 109.58. Treasury yields are still a key spot to watch for yen pairs with bonds still relatively bid post-FOMC last week.

Meanwhile, the aussie and kiwi are still more or less middling over the last two weeks, though the former may be struggling a bit more amid the tense virus situation impacting the economic and RBA outlook at the moment.

As for USD/CAD, the pair managed to keep a defense of its 14 July low @ 1.2424 but is holding below 1.2500 with its key hourly moving averages seen @ 1.2512 and 1.2548 respectively, so that keeps sellers in near-term control still.

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