Mildly softer tones in the greenback in the early European morning
The dollar is down to the lows for the day, keeping slightly weaker following the gains posted in trading yesterday. EUR/USD is up to 1.2169 from around 1.2150 earlier but the mild nudge higher isn't anything too significant.
USD/JPY is also seeing gains limited by key trendline resistance levels for now:
Elsewhere, commodity currencies are posting a modest advance against the greenback with AUD/USD up 0.4% to 0.7730 and testing its 200-hour moving average:
NZD/USD is also up 0.4% to 0.7195 while USD/CAD is down 0.4% to 1.2740 and nearing a test of its own 200-hour moving average @ 1.2729.
After three days of gains, the push and pull in the dollar looks to be continuing now as the market needs to figure out if the latest retracement in the greenback has legs to extend into a more meaningful rally - even if just for the short-term.
