EUR/USD touches a session high of 1.1863
The pair is keeping higher as we get things going on the session, trading at its highest levels since 21 September. The push higher comes amid a break above the 9 October high @ 1.1831 as the dollar keeps weaker across the board currently.
There is some resistance seen from the 61.8 retracement level of the swing move lower from the start of September @ 1.1859, but beyond that there is little in the way stopping a potential push towards the swing region around 1.1890-17 next.
Elsewhere, the dollar is keeping pressured elsewhere with cable testing 1.3000 while AUD/USD and NZD/USD are also at session highs of 0.7089 and 0.6620 respectively.
I want to argue that the market is largely following the breakout in Treasury yields, as 10-yeear yields are up by nearly 4 bps close to 0.83% - highest since early June - with stimulus hopes and election odds starting to fuel the reflation trade narrative.
Other than that, US futures are also keeping higher so that is helping with the risk mood as well. In turn, that is also a factor that is weighing on the dollar today.
