Dollar gains stretch in some pairs but pause in others
Major currencies are seeing a bit more of a push and pull on the day with the kiwi leading losses as AUD/NZD keeps a bounce from yesterday and as NZD/USD stays pressured with sellers eyeing a break below trendline support.
The dollar is trading mixed as the euro is up slightly, benefiting from the more upbeat PMI readings earlier but overall sentiment in EUR/USD is still very much favouring sellers.
A look at the weekly chart exemplifies that notion:
Meanwhile, USD/JPY was initially buoyed in Asia and traded to a high of 115.15 only to hit a quick air pocket in a fall to 114.50 before sticking around 114.60-70 levels now.
Much like EUR/USD, dollar buyers are still favoured but in this case, there is key technical resistance at 114.74 and more significantly at 115.00 that is limiting gains.
Elsewhere, the dollar is trading up 20 pips against the pound with cable easing from 1.3400 to around 1.3375 while USD/CAD is up 0.2% to 1.2720-30. AUD/USD though is trading higher by around 0.1% in light trading, keeping around 0.7220-30 for the most part.
All in all, this just points to a slight breather in the bullish dollar run as there isn’t anything to suggest a reversal just yet.