The dollar is slightly weaker across the board
But trading ranges are keeping rather narrow for the most part. The current landscape in the currencies space is that there are smaller themes at play for the time being.
The loonie remains upbeat after the BOC meeting and push higher in oil prices yesterday. Meanwhile, the pound is staying perky upon an extension of a break higher in cable above the 1.30 level as buyers keep up the good mood amid more stable opinion polls.
Then, we also have the kiwi, which continues to look perky and benefiting off the run lower in AUD/NZD. But gains are limited for now as NZD/USD and NZD/JPY both run up against their respective 200-day moving average.
And we also have the aussie, which continues to be dragged lower on more poor economic data as that adds to the push (poor data) and pull (RBA on hold) narrative in the currency.
The main driver of markets remain the risk mood and in that lieu, US-China trade tensions is the one to watch for. As things stand, the optimism from yesterday has been toned down today with US futures keeping flat and bond yields a little lower.
That is also helping to keep gold a little higher on the day with USD/JPY still sticking around 108.80 as we begin European trading.
Looking ahead, there is little on the economic calendar to shift the dial in markets so continue to pay attention to the smaller themes highlighted but also keep an eye out on more US-China trade rhetoric that may potentially follow.
