Sterling and euro continues to fall as the dollar hits the highs for the day

Author: Justin Low | Category: News

Dollar index makes a round trip, and is now higher on the day

Cable extends its decline on the day, falling to a low of 1.4313 as the jobs report earlier continues to shake out longs that has been building up in the pair over the past week. I highlighted some support levels earlier here, but most notable nearby level of which only sits at 1.4300.

Meanwhile, EUR/USD also sees a drop after failing to firmly break above 1.2400 - with soggy data here not really helping the case as well.

As such, the dollar is staging a decent recovery with USD/CAD and USD/CHF up to session highs with NZD/USD falling to session lows. In terms of performance today, the dollar is only behind the yen - but do take note that there is a USD1.5 bn option expiry for USD/JPY sitting at 107.20 that could limit upside moves.