Dollar steady on the day, awaiting US jobs report

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<p style=““ class=“text-align-justify“>There’s not much going on as market participants have little appetite to go chasing any moves before we get to the US jobs report later today at 1230 GMT. Dollar pairs are trading within 20 pips of each other, not really hinting at much with the greenback steadier amid narrow ranges at the moment. Here’s a snapshot of things:</p><p style=““ class=“text-align-justify“>USD/JPY is a bit of a mover with a drop from 133.45 to 132.90 at the moment but volatility in the pair has increased this week upon a break back below 135.00. The low this week came close to test the 100-day moving average at 130.27 earlier in the week (now seen at 130.67) and that remains a key support level to watch. Meanwhile, topside is still more limited closer to 135.00 in the big picture.</p><p style=““ class=“text-align-justify“>The bond market is also keeping calmer, off the highs from the Tuesday and Wednesday surge. 10-year Treasury yields are at 2.68%, little changed, down from the high of near 2.85% from two days back.</p><p style=““ class=“text-align-justify“>Elsewhere, EUR/USD price action remains defined between 1.0100 and the 50.0 Fib retracement level at 1.0283. GBP/USD fell off after the BOE policy decision yesterday but staved off a steeper decline near short-term support at 1.2063-65. Then, we still have AUD/USD which continues to keep below 0.7000 as risk sentiment fluctuates and the aussie itself also falling after the RBA hinted at the potential for a slower pace of rate hikes on Tuesday.</p><p style=““ class=“text-align-justify“>All eyes are on the NFP now. It can’t come soon enough.</p>

This article was written by Justin Low at www.forexlive.com.

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