The dollar is trading slightly higher against the euro, pound and franc on the current day. Meanwhile, it is trading slightly lower against the yen and the Canadian dollar, with the Australian dollar holding onto nice gains after the RBA’s earlier decision.
Overall, this indicates a somewhat mixed picture with no consistent trend. European stocks and US futures remain more cautious while Treasury yields also remain lower so far during the session. The 10-year yield fell 2.9 basis points to 3.664%. As such, this keeps the USD/JPY pair stable around 139.30-40 levels during European trading.
While the dollar may rise slightly against the euro and the pound, it is falling back into the price action we saw yesterday. EUR/USD is down 0.2% to 1.0688 while GBP/USD is down 0.3% to 1.2403 as sellers look to regain control in the near term after losing a bit of appetite after the ISM services data here.
EUR/USD has fallen back below the 100 and 200 hourly moving averages at 1.0712-17, although the sellers have been struggling to keep the bearish momentum going for a very long time since last week. Meanwhile, GBP/USD saw earlier gains capped by its 100-hour moving average around 1.2450 and is now testing a breakout below its 200-hour moving average at 1.2405 on the day.
In other words, the dollar bulls are probably hoping to rediscover their jams again but there is more work to be done from a technical perspective.
Elsewhere, AUD/USD is still up 0.5% at 0.6650 after coming close to testing its 100-day moving average earlier, as seen here.