In lieu of that, there is some pushing and pulling in the dollar on the week. The greenback is steadier in the last few sessions, holding a minor advance now as we look towards European trading. USD/JPY has inched back up just above 155.00 while AUD/USD is starting to ease lower, down 0.3% to 0.6570 levels.
From a technical perspective, AUD/USD is losing some of its recent upside momentum. Price is now contesting its 100-day moving average at 0.6577 with a drop below its 100-hour moving average of 0.6592 earlier in the day. The latter suggests that the near-term bias is now more neutral, with the 200-hour moving average seen at 0.6558.
In other markets, equities are looking fairly muted on the day. US futures are little changed and that is seeing the overall mood keep more tepid for now.
Looking to the session ahead, it will be a rather light one on the data docket. And that includes for US trading today as well. As such, traders will be left to their own devices once again. It’s all about the big picture now, with markets eyeing the US CPI data next week as the next key risk event.
0600 GMT – Germany March industrial production1100 GMT – US MBA mortgage applications w.e. 3 May
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
This article was written by Justin Low at www.forexlive.com.
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