Technical Analysis

Dollar continues to hold softer so far on the day

A look at the dollar from the previous posts today:

The levels above are still largely in play with the dollar keeping lower after yesterday’s drop. Besides a continued push higher in GBP/USD to 1.2150 currently on the session, other dollar pairs are holding on to gains since Asia trading for now.

This comes as European stocks are higher, playing catch up to the gains in Wall Street yesterday. However, US futures are more tepid with S&P 500 futures down 0.1% while Nasdaq futures and Dow futures are down 0.2%. Elsewhere, 10-year Treasury yields are keeping at the lows after yesterday’s plunge – sitting at 3.61% currently.

The lack of follow through in broader markets is at least not seeing things get worse for the dollar in European trading. The technicals outlined in the above posts is arguably a consideration but there’s also the fact that market players may be waiting on the US jobs report tomorrow before firming up their convictions.

For now, it looks like European traders are just biding their time and we’ll have to see what US traders have to offer later today.

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