Flows are everything when it comes to getting things started in the new year and today is no different. Equities are pushing higher but at the same time, the dollar is gaining traction despite the more positive risk momentum so far today.
USD/JPY has trimmed its earlier drop from 129.80 to 130.30 at the moment while EUR/USD is down 0.6% to just under 1.0600, with large option expiries at 1.0580 in play now.
The USD/JPY chart remains a critical one to watch as we get the new year underway, as buyers are looking to hold a defense of the 130.00 handle on the daily chart.
Elsewhere, GBP/USD is seeing a breakdown below 1.2000 after having flirted in and around the level and its 200-day moving average towards the latter stages of last year:
The antipodeans are also trailing with AUD/USD down 0.7% to 0.6755 and NZD/USD down 0.8% to 0.6262 at the moment.
