The dollar saw its run of six straight weeks of gains come to an end last week and declined further in the first two days this week. However, it is finding some footing so far on the day as buyers start to rear their heads again.

This comes as risk sentiment is checked back a little as mentioned here. EUR/USD is now down 0.5% to 1.0675 while GBP/USD is inching towards towards a test of 1.2500 again. For cable, the more interesting technical development is that price is starting to drop below its 100-hour moving average:

GBPUSD H1 25-05

After a sobering UK PMI report yesterday, the pound fell to test the level and it held. But we are starting to see a breakdown there now and if sellers can keep below that and 1.2500, that could spell some added downside pressure for cable. The 200-hour moving average will be a focus point at 1.2425.

Elsewhere, USD/JPY is steady as it holds higher by 0.2% at 127.00. Meanwhile, AUD/USD is trading back down 0.3% to 0.7080 with the low today testing its own 100-hour moving average at 0.7070.

NZD/USD has also backed off considerably from its highs of 0.6510 to 0.6470 at the moment, still up 0.3% after the RBNZ delivered a more hawkish rate hike earlier in the day.