We are seeing some light moves to start the session with equities leaning towards the softer side again and that is helping to see the dollar cut its small losses from earlier in the day. Of note, GBP/USD is down 0.2% to 1.1990 levels as the pair drops below 1.2000 for the first time since 6 January.
The retreat builds on the rejection at the December highs at 1.2443-46 as sellers now look to push price towards the 200-day moving average (blue line) at 1.1947 next.
Elsewhere, EUR/USD is also down 0.3% to 1.0700 with AUD/USD erasing its post-RBA gains to 0.6910 - still up 0.4% on the day though.
Looking ahead, Fed chair Powell's remarks are still the one to watch as we are seeing the dollar keep a steadier footing to start European morning trade.
