Now, it is still early in the day and a technical breakdown in yields could still yet materialise. But for now, there is some apprehension and dollar bulls are making full use of that sentiment.
EUR/USD is back to near unchanged around 1.0200 with large expiries seen at 1.0200-05 as well as 1.0245-50 – which has pretty much been the range in European morning trade.
Meanwhile, GBP/USD has stumbled from a high of 1.2245 to 1.2150 now, falling back below the 50.0 Fib retracement level at 1.2213. That will be a key level to watch ahead of the daily close.
USD/CAD is also trading back up by 0.2% to 1.2830 now after having slipped to a low of 1.2790 earlier. And we have AUD/USD turning flat at 0.6985 after having hit a high of 0.7030 at the start of the session, now keeping back below the key 0.7000 handle.
I highlighted key levels on the charts earlier here and they are still very much in play.
This article was written by Justin Low at www.forexlive.com.
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