The dollar is trading slightly higher against the euro, pound, and franc on the day currently. Meanwhile, it is trading just slightly lower against the yen and loonie, with the aussie holding decent gains after the RBA decision earlier.
All in all, it points to a rather mixed picture with not much firm direction. European equities and US futures are still holding more cautious while Treasury yields are also keeping lower so far on the session. 10-year yields are down 2.9 bps to 3.664%. As such, that is keeping USD/JPY anchored around 139.30-40 levels during European trading.
While the dollar might be up slightly against the euro and pound, it just cuts back into the price action that we saw yesterday. EUR/USD is down 0.2% to 1.0688 while GBP/USD is down 0.3% to 1.2403 as sellers look to seize back near-term control after having lost a bit of appetite after the ISM services data here.
EUR/USD has fallen back below both its 100 and 200-hour moving averages at 1.0712-17, though sellers are struggling to keep the downside momentum going for too long since last week. Meanwhile, GBP/USD saw earlier gains capped by its own 100-hour moving average at around 1.2450 and is now testing a break below its 200-hour moving average of 1.2405 on the day.
In other words, perhaps dollar bulls are hoping to rediscover their jam again but there is more work to be done from a technical perspective.
Elsewhere, AUD/USD is still holding higher by 0.5% at 0.6650 after having come close to testing its 100-day moving average earlier, as highlighted here.