Slight risk-on shift in FX to start the session

Commodity currencies lead as the yen, franc lag on the day

The market is starting European trading with a more positive mood as the push higher in equities is spurring more of a risk-on trade in FX, as commodity currencies pull slightly ahead on the day now.

The narrower ranges earlier are starting to stretch with AUD/USD up 0.3% to 0.7337 while NZD/USD is up 0.2% to 0.7058, still eyeing its 100-day moving average this week:

Elsewhere, USD/CAD is trading back under 1.2600 now. The dollar is seen middling as it holds a slight advance against the likes of the yen and franc.

Higher Treasury yields is part of the picture weighing on the former, with 10-year yields seen up 3 bps to 1.33% on the day.

Invest in yourself. See our forex education hub.

Technical Analysis

Articles You May Like

NFP Viewed as Dovish but Not Disastrous, Dollar Declines
USDJPY moves lower to test the August low and finds support buyers.
US Dollar holds steady after mixed NFPs
Swiss data in focus in the session ahead
Gold Technical Analysis – The calm before the storm?

Leave a Reply

Your email address will not be published. Required fields are marked *