Dollar struggles to start European morning trade
The dollar is the laggard today and we're seeing the losses extend to get things going in European trading. It's not just a case of dollar weakness at the moment, as there are some key technical levels being challenged. Of note, both EUR/USD and AUD/USD are pushing past their respective 200-day moving averages:That's a big technical signal that we could be in store for a stronger retracement to the dollar gains so far this year. NZD/USD is already doing its part in a push to 0.6215 currently, up 0.5% on the day. The pair has already recovered more than half of the drop since the start of the year.The only dollar pair which is somewhat tepid today is USD/JPY, still sticking near the 150.00 mark for now.The dollar's decline today seems to be tied to a surge higher in risk trades. Equities are at fresh highs for the day now as sentiment is very much buoyed by Nvidia's earnings beat after hours yesterday. This article was written by Justin Low at www.forexlive.com.
The dollar is the laggard today and we're seeing the losses extend to get things going in European trading. It's not just a case of dollar weakness at the moment, as there are some key technical levels being challenged. Of note, both EUR/USD and AUD/USD are pushing past their respective 200-day moving averages:
That's a big technical signal that we could be in store for a stronger retracement to the dollar gains so far this year. NZD/USD is already doing its part in a push to 0.6215 currently, up 0.5% on the day. The pair has already recovered more than half of the drop since the start of the year.
The only dollar pair which is somewhat tepid today is USD/JPY, still sticking near the 150.00 mark for now.
The dollar's decline today seems to be tied to a surge higher in risk trades. Equities are at fresh highs for the day now as sentiment is very much buoyed by Nvidia's earnings beat after hours yesterday. This article was written by Justin Low at www.forexlive.com.
