There was a respite to the dollar selling yesterday amid geopolitical headlines but as that dies down today, we are seeing the greenback struggle once again. The post-CPI selloff continues to run and the move was vindicated by a softer US PPI report yesterday. Today, US retail sales will add another mix into the concoction this week.
EUR/USD is now up 0.7% to 1.0420 as the euro seeks to try and test its 200-day moving average as noted here. GBP/USD is sitting near 1.1900 as buyers stay in control as well, with key resistance seen closer towards 1.2000 next. USD/JPY is just a touch higher around 139.40-50 currently with the downside bias still keeping intact.
Meanwhile, AUD/USD is up 0.4% to 0.6780 as buyers try to look for an extension to the upside leg above the 61.8 Fib retracement level at 0.6767 on the day:
That could set off a move towards its 200-day moving average (blue line) at 0.6950 next, should the risk rally continue to run as well. S&P 500 futures are up 10 points, or 0.25%, currently.
