The dollar sees gains pull back on the session
AUD/USD has turned flat on the day, rising to 0.6170 after trading tepidly around 0.6130-50 with the greenback also seeing gains erased against the likes of the pound and kiwi too.
EUR/USD has also moved off its earlier lows of 1.0830 - after news that euro area finance ministers failed to reach a bailout deal - to climb back towards 1.0875 currently.
The risk mood is still rather tepid with European equities keeping lower and not really moving all too much. Meanwhile, US futures continue to trade more choppily, alternating between slight losses and slight gains. S&P 500 futures are now up by 0.4%.
The market is still looking to settle on a firm narrative on the week, after the early optimism that led to the risk rally appears to be starting to fade.
The recent virus developments aren't helping in that regard as calls for a major turning point in the trajectory are still a little premature at this stage as evident by the numbers.
Investors are clinging on to hope and are desperate for some good news, but so far no one is throwing them a bone. The latest disappointment from the Eurogroup meeting underscores that tone, so let's see if there will be any positive surprises later to come.
Otherwise, the crushing weight of the negative economic sentiment will surely start to feel heavier as the days go by and as we look towards the latter stages of the week.
