Dollar sees some selling as the US morning progresses

Technical Analysis

Author: Greg Michalowski | dollar

Shifts in the major currency pairs

The dollar is seeing selling as the US morning progresses. The stocks still remain sharply lower with the NASDAQ index doing worse than premarket levels at the start of the New York session, but there has been some shifts in the currency trends from the start of the day.

The USD is more mixed

The gains verse the commodity currencies (risk off) from the US start of the day have seen some erosion. 
  • USD was higher verse the CAD by 0.7% at the start of the day. It is currently up 0.34%
  • USD was higher verse the AUD by 0.51% at the start of the day. It is currently up 0.12%
  • USD was higher verse the NZD by 0.37% at the start of the day. It is currently up 0.16%
The dollar was up 0.16% verse the euro. It is currently trading near unchanged. 

Although there is some movement out of the commodity currencies, the CHF continues to see safe haven flows into that currency (and out of the USD). The USDCHF was down -0.16% at the start of the US session. It is currently down -0.43%. The USDJPY  is relatively unchanged from earlier New York lesson levels.

Overall, the JPY and the CHF are the strongest. The USD is mixed. The GBP and CAD are the weakest.  
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