The dollar is making some headway in European morning trade as it trades up against the rest of the major currencies bloc with exception of the yen. EUR/USD is beginning to lose altitude as it is now down 0.5% to 1.0840 levels. The pair is facing a switch in the near-term bias as price action now falls through both the 100 and 200-hour moving averages:
GBP/USD is also down 0.4% to 1.2955 currently, facing another rejection of the 1.3000 level this week. Meanwhile, the antipodes are bearing the brunt of the losses today with AUD/USD marked down by 0.9% after a dismal jobs report earlier here. The jobless rate held steady but the employment change number was terribly ugly.
Adding to the weight for the commodity currencies is that we're starting to see risk appetite get sapped as well. S&P 500 futures are now up by just 0.1% on the day while European indices are retreating with the DAX down by a little over 1%.
Wall Street might have salvaged some pride in trading yesterday but evidently, the jitters are still hard to shake off for now.
This article was written by Justin Low at www.forexlive.com. Read More Details
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