But it is the kiwi who is in charge to start the morning

WCRS 25-06

The kiwi is leading gains despite more risk-off sentiment in markets at the moment, with cross flows helping to promote strength in the currency to start the day. Of note, AUD/NZD is contesting a break below the 100-day moving average and that's triggering additional selling in the pair (kiwi bids) since Asian trading.

Meanwhile, the yen is holding firm amid softer risk tones as Treasury yields are holding near their lows currently. 10-year yields are down by 1.7 bps to 1.997% now amid trade and geopolitical concerns. That is seeing USD/JPY hover around the 107.00 handle after slipping to a low of 106.78 in the past hour.

As European traders wake up to the risk-off mood, the dollar is somewhat steady as it trades mixed against the rest of the major currencies bloc. Trading ranges remain narrow for the most part as the focus stays on US-China trade talks this week.

Looking ahead, there isn't much on the economic calendar to shake things up in the European morning so expect the risk mood and trade/geopolitical headlines to continue to be the main factors affecting trading sentiment today.