The Australian dollar leads the major currencies bloc on the day
It's been a lackluster start to the trading day for the most part but the at least the aussie is keeping things a little interesting in the currencies space. AUD/USD fell earlier in the day to just under 0.7200 after retail sales data missed once again, prompting markets to believe that the RBA would err towards a more dovish stance in their monetary policy statement today.
However, the central bank maintained their neutral stance for the most part and with no hints of moving towards rate cuts just yet, the aussie got a bit of a relief and moved up to highs of 0.7265 where it just sits under currently.
Other major currencies are still mostly subdued with less than 0.1% movements across the board against the dollar. EUR/USD holds in a 12 pips range for the day while GBP/USD sits in a 20 pips range thus far. That basically tells you all you need to know about how the day has progressed as we await European traders to enter the fray.
Risk sentiment remains more neutral for the most part despite Wall Street's decent performance overnight. European stocks should pick up slight positive tones but don't expect any major risk-on sentiment to materialise in the session ahead. That should keep USD/JPY underpinned but still under the 110.00 handle for now.
