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Major currencies are keeping in narrow ranges for the most part as we look towards the session ahead but the near-term bias is starting to favour the dollar a little after the overnight developments, where US stocks fell amid virus jitters.
The risk mood remains on the defensive side to get the day started, with US futures down by around 0.5% to 0.6% currently and Asian equities also not faring too well.
But we're not seeing much risk-off flows in the major currencies space just yet, so be mindful that the ranges may look to stretch in the sessions ahead.
From a technical perspective, dollar buyers are mostly in near-term control as price action is seen trading back under the key hourly moving averages for EUR/USD, GBP/USD, AUD/USD, NZD/USD and back above said levels for USD/CAD.
US stocks will also be a key focus point with the S&P 500 now backing away from the resistance region around 3,153 to 3,155 and moving towards its 200-day moving average.
Meanwhile, the Dow is backing away from its own 200-day moving average and is starting to look towards the 100-day moving average as well.
These ranges continue to define the more choppy risk mood seen over the past week as the market is awaiting on a firmer breakout to run with the flow.
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