As stocks are losing a bit of ground to start the session, the dollar is finding a decent footing now. Looking to the antipodeans, AUD/USD is down 0.3% to 0.6635 with NZD/USD down 0.2% to 0.6270 on the day as the narrow ranges from earlier start to stretch out.
However, the more important chart remains that of EUR/USD in my view. The pair continues to flirt with levels around its 100-day moving average at 1.0810 as we see price fall below that and just under 1.0800 currently:
The softer French PMI data a couple of minutes ago is giving reason for the euro to be less bullish but it's also very much a technical play at the moment. Here's a look at the near-term chart:
As you can see, sellers are continuing to keep the near-term bias in more bearish territory with price holding below the 100-hour moving average (red line). That will remain a key line in the sand for the sessions ahead to see if dollar bulls can be incentivised to chase a further break lower under 1.0800.
Elsewhere, GBP/USD is down 0.3% to 1.2405 as well but USD/JPY is mildly lower by 0.1% to 138.50 as we get things going in Europe.
