• A bit of a breather so far today
• It’s been an exceptional week for the euro and pound against the dollar
• USD/CHF has got that old saying in markets written on it
• AUD/USD upside push stalls at the June highs, at least for now

Headlines:

• US announces to automatically forgive $39 billion in student debt
• China invites global investors for rare symposium next week – report
• BOJ announces to host first discussion on long-term policy review in December
• Eurozone May trade balance -€0.3 billion vs -€11.7 billion prior
• Germany June wholesale price index -0.2% vs -1.1% m/m prior
• Switzerland June producer and import prices 0.0% vs -0.3% m/m prior

Markets:

• EUR leads, JPY lags on the day
• European equities mixed; S&P 500 futures up 0.1%
• US 10-year yields up 0.7 bps to 3.765%
• Gold down 0.1% to $1,958.60
• WTI crude flat at $76.89

It was a quieter session in Europe today as markets are taking a bit of a breather after all the hot and heavy action in the past two days.

The dollar slide is being arrested somewhat, at least for now, as we wait on Wall Street to step into the fray before the weekend comes along. EUR/USD was little changed throughout the session, keeping around 1.1220-30 levels mostly. GBP/USD is down 0.1% to 1.3120 while USD/CHF is flat at 0.8585 currently.

The Japanese yen was a decent mover on the day, with USD/JPY falling to a low of 137.25 in Asia before recovering some poise tohold around 138.40 on the day.

The overall risk mood is also calmer today, after the surging gains in tech stocks this week. That is keeping the aussie and kiwi in check as well with AUD/USD down 0.3% to 0.6870 and NZD/USD down 0.1% to 0.6385 at the moment.

Well, the technicals continue to look bleak for the dollar and given the recent momentum, it might just be a matter of time before we see a resumption of the dollar selling and risk buying.

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