Dollar gives some back in European morning trade

It’s pretty much a broad based move with lower yields weighing slightly on the session. USD/JPY is down 0.4% to 148.75 while GBP/USD is up 0.3% to 1.2885 currently. Even with equities holding a little firmer, USD/CHF is also down 0.5% to 0.8688 as it succumbs to a push back against a recent key technical level:

The pair is nudging lower after testing its 50.0 Fib retracement level of the swing lower since July in trading yesterday.

Besides that, AUD/USD is up 0.3% to 0.6630 and NZD/USD up 0.6% to 0.6018 at the moment.

Traders are still largely digesting the dollar mood with 10-year Treasury yields seen down 2.3 bps to 3.903%.

This article was written by Justin Low at www.forexlive.com.