Dollar gains wiped on back and forth flows in European morning trade

The push and pull continues as EUR/USD has rebounded by nearly 100 pips now from a low of 1.0483 to a session high of 1.0580. This comes as the dollar is seen giving up gains across the board after a fresh rally earlier in the day. Of note, EUR/USD is now trading back above both its key hourly moving averages again: Meanwhile, GBP/USD is also up from a low of 1.2275 to 1.2350 currently, down just 0.1% on the day. Elsewhere, AUD/USD has also moved up from 0.7065 to 0.7105 and is also down just 0.1% while NZD/USD is flat at 0.6425 from a low of 0.6396 earlier. The move lower in the dollar comes as US futures also see a bounce with S&P 500 futures moving off a low of 4,112.75 (down 0.7%) to 4,139.25 (down 0.1%) currently. It’s the flow show at the moment and I would expect that to be the case until we get to the weekend break.

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