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The dollar remains in a comfortable position so far in the day


Dollar bulls still in charge of proceedings this week

EUR / USD is slightly lower and lingering at its lowest levels since July of last year, hovering around 1.1220-30 levels for now with little respite so far this week.

Sellers are still aiming for a push towards 1.1200 and the dollar sentiment as a whole is helping to keep the downward pressure on the pair for now.

Action on the USD / JPY helps in this regard, as the pair is now returning above 115.00 after declining slightly earlier as part of a slight pullback in Treasury yields.

The dollar remains in a comfortable position so far in the day

A plethora of US data awaits us later today that could see pushes and pulls, but overall, returns appear to be strong as long as the inflation debate continues to hold firm and policy makers. Fed reaffirms potentially faster pace of tightening. .

But the key technical level to watch for USD / JPY remains that 115.00 level and maintaining a pause before the weekly close above this level will do a lot of good for buyers going forward.

There will be little resistance in the pair up to 118.00 and it is a big challenge for sellers to try to bar that and the dollar in general.

Other dollar pairs today were little changed for the most part, although the kiwi was the notable laggard after falling as the RBNZ increased its OCR by 25 basis points.

Some quarters of the market were hoping for a 50bp move but alas this did not happen and the kiwi dipped as a result with NZD / USD now heading towards its late September lows after breaking through support in the trendline @ 0.6938:

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The dollar remains in a comfortable position so far in the day


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