There's not much in terms of headlines driving markets today but we are seeing the dollar retreat amid positiong flows ahead of the key risk event later in the day. EUR/USD is now up 0.5% to 1.0170 levels as buyers look to build on the break yesterday above the swing region resistance at 1.0075-90:
There is still scope for the rally to extend towards the 100-day moving average (red line) at 1.0333, so just be wary of that in the aftermath of the US CPI data later this week.
Meanwhile, GBP/USD holds higher by 0.4% at 1.1720 levels as seen earlier here. And USD/JPY is down 0.5% to 142.18 as it continues to toy in between the 100 and 200-hour moving averages at the moment:
Elsewhere, with the risk mood being more positive for now, commodity currencies are also holding a slight advance against the dollar. USD/CAD is down 0.3% to 1.2960 while AUD/USD is up 0.3% to 0.6910 on the day currently.
