The dollar is holding its ground but the gains aren't anything major so far
The greenback is trading a touch higher across the board but off earlier highs towards the end of Asian trading earlier. EUR/USD is back up to 1.2260 from a low of 1.2239 while AUD/USD has also recovered to 0.7607 from 0.7583 earlier in the day.
However, USD/JPY is keeping a consistent push higher as we see the pair rebound off testing 103.00 yesterday to 103.50 levels currently:
Of note, the pair is running into near-term resistance from the 100-hour moving average (red line) @ 103.58 currently. Further short-term resistance is seen at the downwards trendline @ 103.69 before the 200-hour moving average (blue line) @ 103.87 enters.
Elsewhere, even cable is seen a modest bounce from a low of 1.3513 to 1.3544 now.
All of this comes amid the backdrop of a more tepid risk mood with European equities holding little changed but moving higher after having opened lower to start with.
The DAX was down 0.2% at the open but is now up by 0.1%. Meanwhile, US futures have also trimmed losses to near flat levels as we get things underway.
The slight shift in the risk mood is helping to see dollar gains ease but the overall mood is still largely more tepid to start the morning.
