The greenback falls to fresh lows on the day now

It is shaping up to be groundhog day in the market as the dollar falls against most major currencies as it pares its earlier advance in the European morning.

This comes as European indices are also trimming earlier losses with the DAX now seen down by just 0.6% after being down by nearly 2%. Elsewhere, S&P 500 futures are now just down 0.4% and Nasdaq futures down 0.7% after having been lower by more than 1%.

As such, the dollar is losing modest ground - except USD/JPY - against the major bloc.

EUR/USD has now risen to 1.2139 from a low of 1.2095 earlier and is testing key near-term levels ahead of North American trading:

EUR/USD H1 29-01

The 200-hour moving average (blue line) is the key line in the sand right now alongside a near-term trendline resistance level closer to 1.2140.

Break above that and the near-term bias switches to being more bullish and buyers can start to look towards near-term resistance closer to 1.2170-90 next.

NZD/USD H1 29-01

Meanwhile, NZD/USD has climbed to a fresh session high of 0.7190 from a low of 0.7150 earlier, testing its 100-hour moving average (red line) - which limited overnight gains.

Break above that and buyers will see the near-term bias switch to being more bullish and start to target near-term resistance levels above 0.7200 at around 0.7225, 0.7240 and the week's high at 0.7248.

Elsewhere, AUD/USD is also trimming losses from 0.7635 to 0.7670 while GBP/USD is up from 1.3660 to 1.3710 currently.

Precious metals are also reflecting stronger tones at the moment, with gold up 1% to $1,863 and silver up by 3% to $27.40.