Amid a turn in risk sentiment yesterday, the dollar found some footing as it rebounded late on. But it wasn't enough to pare declines on the day and we are seeing the selling extend a bit more now as we get into European morning trade today.
EUR/USD is trading up 0.2% to 1.0165 after yesterday's attempt to get above 1.0200 failed with offers at the figure level and the 38.2 Fib retracement level at 1.0205 provided some modest resistance:
That will remain as key levels to watch if buyers are to chase an upside leg in the pair in trading this week. For today, just be wary that there are large option expiries at 1.0150-55 that could see price action more anchored.
Meanwhile, USD/JPY is down 0.3% to 137.75 as the upside push above 139.00 last week fizzles. There are large expiries at 138.00 today that could act as a bit of a magnet so keep that in mind when viewing price action for the pair. That said, sellers have broken below the 100-hour moving average at 138.24 and that is allowing for some room to roam towards the 200-hour moving average at 137.38 next.
Elsewhere, USD/CHF is down 0.3% to 0.9745 and commodity currencies are also holding modest gains against the dollar so far today. AUD/USD is up 0.5% to 0.6850 and NZD/USD is also up 0.5% to 0.6180 currently.