Technical Analysis

ForexLive European FX news wrap: Dollar steady in quiet trading



  • NZD leads, JPY lags on the day
  • European equities slightly higher; S&P 500 futures down 0.3%
  • Gold down 0.3% to $1,915.32
  • WTI crude down 0.3% to $79.66
  • Bitcoin down 0.3% to $20,813

It was a quiet session for the most part, with broader market sentiment failing to really kick into gear in the new week considering that it is a long weekend in the US.

The dollar was a touch lower in the handover from Asia trading before catching a bid as European markets opened, before trading mostly steadier now. USD/JPY was lower around 127.60 to start the session before rising all the way to 128.86 and is currently holding slightly below the highs on the day.

The pound is also slightly lower on the day with GBP/USD falling from 1.2260 to 1.2170 before keeping just below 1.2200 at the moment. Other dollar pairs are mostly little changed with AUD/USD slipping to 0.6960 levels after running into a test of 0.7000 earlier in the day.

Japan remains the key spot to watch in trading this week and we are seeing the pressure continue to be piled on to the BOJ, with 10-year JGB yields pushing the upper limit of their 0.50% range.

That will keep things interesting ahead of the BOJ policy meeting decision later this week, which is arguably the key risk event in markets for the week.

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