Commodity currencies lag behind so far on the session

The more defensive risk mood is helping to keep the dollar mildly firmer so far today, with the greenback notably posting an advance against commodity currencies.

AUD/USD is down 0.5% to 0.7750 as sellers look to breach below its 100-hour moving average and take near-term control in European trading:

AUD/USD H1 19-05

Of note, there is the 100-day moving average @ 0.7725 so that will be a key supportive level to watch out for in trading during the week.

Elsewhere, the euro and pound are little changed against the greenback with the former falling from a high of 1.2245 earlier to 1.2220 levels currently.

Besides risk sentiment, the Fed minutes later today will also be a key one to watch in terms of examining the central bank's tolerance level moving forward.