Quick snapshot of the major currencies bloc: USD firms up, NZD lags behind

Author: Justin Low | Category: News

The dollar getting some love in trading today as the ECB jawboning continues

The USD is firming up as we get into the European session, clawing back some losses over the past week. The greenback is performing better against all major currencies (except the CNY in which the PBOC fixed the USD/CNY rate a little lower again today).

Majority of the major currencies are just lower on the back of USD demand, with USD/JPY having a bit of a familiar feel to trading today as it did in yesterday's trading session. Meanwhile, AUD/USD touched near the 0.8000 level before falling off as I mentioned here.

EUR continues to be under pressure on the day following further jawboning by ECB officials. EUR/USD was trading around 1.2440 levels before Constancio commented here, and the pair was then down to session lows of 1.2215. EUR/GBP also hit lows of 0.8873 after his comments.

NZD continues to lag behind on the day even after better than expected dairy trade numbers yesterday. Though today's data shows commodity prices slipped, but I figure the drop stems from NZD/USD selling as well as further AUD/NZD buying after it hit a sort of double bottom in recent trading a couple of days ago. This comes as buyers break through the resistance levels that I pointed out here yesterday.

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