The dollar grinds to a fresh session low to start European morning trade
Most major currencies are advancing to a session high against the dollar, with EUR/USD now trading to 1.1862 and USD/JPY slipping to 104.40. USD/CAD is also inching back below 1.3100 and AUD/USD has moved back above the 0.7300 handle.
Looking at the AUD/USD near-term chart, buyers are holding near-term control on a firmer break above its 100-hour MA (red line) earlier in the day and are now looking to try and push back above 0.7300.
There is some resistance from last week's highs at 0.7318 and 0.7339 so those are the key technical levels to watch out for in gauging the upside momentum.
Break above that and the pair looks poised for a test of the year's high @ 0.7414.
It looks like FX is largely taking a cue from the mood in equities but just be mindful that the bond market is not quite on the same page as we get the session going.
10-year Treasury yields are down 1.8 bps to 0.878% currently.
