S&P 500 futures seen up by ~0.5% now
The dollar is giving back gains at the start of European morning trade, with EUR/USD now up to 1.1715 after having hit a low of 1.1672 earlier in the day. Meanwhile, GBP/USD has trimmed its decline to 1.2728 after touching fresh two-month lows of 1.2676 earlier.
For EUR/USD, keeping below 1.1700 will be the real challenge today for sellers in order to try and establish further downside momentum.
Meanwhile, GBP/USD sellers will be looking to hold below the key daily moving averages @ 1.2724-26 and the 61.8 retracement level @ 1.2722 in order to maintain the downside pressure on the pound in search of a fourth consecutive day of decline.
The slight pullback in the dollar coincides with US futures creeping higher and continuing to shrug off concerns at the start of the week.
S&P 500 futures are up by ~0.5% now with Nasdaq futures up by ~0.4%.
