It is déjà vu for the dollar in the European morning session
The price action so far today is a bit of a repeat to what happened on Tuesday after the emergency Fed rate cut i.e. stocks falling, yields falling, dollar also falling.
This is seeing EUR/USD push up to a session high of 1.1177 and is testing the key trendline resistance that has limited gains on the week so far.
A break above that would be a good win for buyers, but the 1.1200 level also poses a key resistance challenge in the near-term alongside the 31 December high at 1.1239.
For now, the dollar is struggling across the board as even the likes of the aussie and kiwi are starting to push higher against the greenback. US 10-year yields are back down to 0.982% currently while US futures are down by 1.5% on the day.
