Currencies keep little changed to start the day
Dollar holds steadier after the drop at the end of last week
European stocks are seeing some mixed tones now with US futures also not reflecting a whole lot of change to start the session. S&P 500 futures are up ~0.2% but the market in general is showing little poise to do much at the start of the week.
Just be reminded that the Treasuries cash market is closed so that could play a part in impacting liquidity and flows today i.e. things may be quieter as such.
But despite the calmer mood among major currencies so far today, the technical picture still looks vulnerable for the dollar following the moves on Friday.
EUR/USD is trading at three-week highs on a break above 1.1800 and buyers are still holding above the figure level with a 24 pips range so far today.
Keep above that and the more bullish momentum from Friday will be kept with further short-term resistance seen closer towards 1.1860-70 levels.
The aussie opened with a slight gap lower, with AUD/USD at the lows today touching 0.7211 but has slowly recovered some ground since Asia Pacific trading.
The gap lower largely follows a weaker yuan after the PBOC took steps to curb the recent strength in the currency over the weekend.
But in terms of overall AUD/USD price action, not much has changed since Friday’s moves as buyers are still keeping price above 0.7200 – which previously helped to stall the upside momentum seen at the start of the month.
The range for the pair today is also rather subdued, only 24 pips as well.
The pound is arguably the more interesting currency to be looking at for now but Brexit headlines have been on the quieter side to start the new week.
Otherwise, it seems like we’re in for a quieter session here in Europe and possibly a slower one in North American trading later as well.
But as is the case last week, stimulus talks and election focus will keep things interesting so make sure to pay attention to that in case it jolts markets later today.
Source: Technical analysis
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