A quiet day beckons in Europe as we await key US data later today. Markets are sort of caught after the strong risk recovery yesterday but that momentum seems to be continuing today with S&P 500 futures now up 15 points, or 0.4%, currently. That keeps the hope for the technical breakout pointed out earlier in the week here.

In turn, that could continue to tip the dollar on the lower side with EUR/USD lining up a further push above 1.0900 and AUD/USD already looking to settle above 0.7000, with price now eyeing the August highs as noted here.

That remains the play this week in my view with the aussie seeming to be the hot pick this week, amid stronger inflation data and better risk sentiment. Personally, the GBP/AUD downside break below 1.75 is still one that is catching my eye as well; more so for a longer-term trade.

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