The dollar is slightly lower on the day but it doesn’t take away from the gains so far this week, as the greenback continues to sit in the driver’s seat ahead of the US PCE price data later. The technical levels outlined yesterday (as per below) are still very much in play and we have to see if dollar bulls have the appetite to chase any breaks before the long weekend.
Elsewhere, Treasury yields are also just slightly lower on the day with 10-year yields down 2.8 bps to 3.786% at the moment. Meanwhile, equities are keeping steadier with S&P 500 futures now up 0.1% after a more tentative start. European stocks on the other hand have seen the early advance wiped out to be little changed now.
US debt ceiling talks are still clouding markets for the most part, at least in terms of equities sentiment that is. However, there are growing murmurs of positive developments and so we have to see if that will keep up ahead of the X-date – which I would estimate is some time during the first week of June.
Anyway, here are the levels to watch for in dollar pairs as highlighted yesterday and are still applicable now:
- EUR/USD at two month-lows as sellers hold their nerve
- USD/JPY continues to look poised in hunt towards 140.00 mark
- GBP/USD starts to get dragged back into the mud again
- USD/CAD buyers hopeful on latest upside break
- AUD/USD looks towards 0.6500 again in latest downside break
- NZD/USD looks for downside break in fall to lowest levels this year
This article was written by Justin Low at www.forexlive.com.
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