FX lightly changed ahead of European morning trade

The changes among major currencies are light, with narrow ranges largely prevailing for now. The dollar is still sitting in a good spot though, after having pushed higher again in trading yesterday. The mood was helped by Fed chair Powell’s comments that they’re not that much in a hurry to lower rates.

USD/JPY is holding above 156.00 having cleared the figure level yesterday. There is a pocket of space for the pair to maneuver now with little to no technical resistance through to 160.00. Meanwhile, GBP/USD is teetering towards its lowest levels since July with AUD/USD having posted its lowest daily close since April under 0.6500.

EUR/USD had a brief encounter with the 1.0500 mark but buyers are holding firm for now. As mentioned here, that is a major level to watch for the pair and for dollar sentiment as well considering the bigger picture technical outlook.

For now though, the changes are light but with US retail sales coming up later, there’s every chance for things to liven up before we get to the weekend.

This article was written by Justin Low at www.forexlive.com.