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The dollar is on the back foot to start the new day, extending losses from trading yesterday as the currency fails to get any reprieve since the end of last week.
Month-end flows were part and parcel of the equation but the technical picture for the greenback remains bleak, though we are seeing EUR/USD close in on 1.2000 - a key psychological level at this point in time.
But the dollar itself is finding it tough to stay afloat against commodity currencies as we see USD/CAD slump towards 1.3000 and AUD/USD at two-year highs around 0.7400.
As things stand, it is tough to pick a bottom in the dollar as the momentum continues to work against it for now. The technical breakdown in the dollar index chart is also not looking pretty and that is another argument against the greenback.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
