A slight rebound in Treasury yields, at least for now, is helping to keep USD/JPY up a little by 0.2% to 146.67. However, the dollar is looking sluggish elsewhere and trading near the lows for the day in European trading. EUR/USD is up 0.2% to 1.0893 after a bounce off 1.0800 and its 100-day moving average yesterday:
That sees buyers back in control, hoping for a stronger rebound after the stuttering start to the year. The euro side of the equation hasn’t been of much help but a steep decline in Treasury yields this week has been a key contributing factor to the rebound. We’ll have to see if the strong bids in the bond market will continue later on in the day.
Elsewhere, GBP/USD is also seen up 0.2% to 1.2765 while AUD/USD is up 0.5% to 0.6605 currently. Both pairs are stuck in a bit of a consolidative phase but may search for breakouts just before the weekend. The ceiling for GBP/USD is closer to 1.2800 while for AUD/USD, it is around 0.6615-25. Those will be key levels to be mindful of going into US trading later.
The main event coming up later will be the US jobs report. That will certainly be a key driver in the session ahead, alongside the potential continuation in the strong bids in Treasuries this week. Those are the two main factors that will impact dollar sentiment before the weekend comes along.
This article was written by Justin Low at www.forexlive.com.
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