And back the other way we go now as the push and pull continues this week. The dollar is slightly softer on the day as equities are finding a bit of a footing, with S&P 500 futures seen up 12 points, or 0.3%, after the slight advance yesterday.
All in all, this continues to look like market participants are feeling indecisive as we await further clues from Fed chair Powell’s speech at Jackson Hole tomorrow.
EUR/USD is up 0.2% to 0.9985 at the moment but still keeping below parity, so sellers are still mostly in control. Just take note that there is a set of large expiries at the figure level today. Meanwhile, USD/JPY is down 0.2% to 136.80 as price action continues to not offer too much as highlighted yesterday here. Then, we have GBP/USD which is trading back up to 1.1815 as price action is still debating a firm break below 1.1800 this week.
The commodity currencies are also slightly higher with USD/CAD retreating from 1.3000 yesterday to 1.2950 and AUD/USD up 0.5% from 0.6900 to 0.6940 levels at the moment.
The push and pull in equities sentiment isn’t offering much help to traders in getting a firm conviction and we likely have to wait until Jackson Hole before any material moves as such.