Where Main Street Meets Wall Street

Dollar holds slightly higher ahead of European trading


A back and forth start to the new week

The dollar was the laggard in trading yesterday but it is leading the way so far today as the market continues to grapple with more of a push and pull start to the week.

USD/JPY is trading back up above 111.00 to 111.18 as buyers held on around minor support close to 110.80, while EUR/USD is also nudging back just below 1.1600:

The drop today sees sellers seize back near-term control on a push below its 100-hour moving average (red line) @ 1.1607. Keep below and the bias remains more bearish.

Meanwhile, USD/CAD is also creeping back up above 1.2600 to 1.2615 while AUD/USD is down 0.3% to 0.7265 with the RBA not offering much in its latest policy decision.

Elsewhere, US futures are mildly higher on the day but it comes after a heavy selloff in trading yesterday with tech stocks not helped by some scrutiny on Facebook. Looking at the bond market, 10-year yields are up 1.4 bps to 1.494% currently.

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