The market is keeping a calmer mood for the most part
There was a bit of a push higher in the dollar earlier which took EUR/USD to one-week lows, testing the 31 December low of 1.2215 before a slight bounce.
USD/JPY also eased a little after a brief push above the 104.00 handle as the upside momentum stalls ahead of key technical levels.
As such, the dollar is keeping steadier and trading more mixed with the pound leading gains while the euro remains on the back foot in European morning trade.
Elsewhere, equities are slightly firmer but nothing too rampant while the bond market keeps little changed awaiting Wall Street to enter the fray to provide firmer direction.
The big move so far has been the drop in precious metals as gold slumped in a quick dip from $1,904 to $1,878 and triggering stops along the way. Silver also experienced a similar fall from $26.92 to $25.96 before a slight bounce but is still down 2%.
The dip in both gold and silver is rather notable as it puts both commodities in a precarious spot to start the new year. Although the fundamental outlook is bright, that doesn't rule out the potential for a short-term correction and positioning adjustment for now.
The US jobs report and non-farm payrolls number is the next key risk event today but that is unlikely to provide any fireworks before the weekend.
