Dollar mildly lower with PCE price data in focus today

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The key levels from yesterday (summary post here) are all still holding as the dollar remains in the driver’s seat in trading this week. We’re seeing a light pullback today but the ranges for most dollar pairs are still relatively narrow. EUR/USD is up 0.2% to 1.0740 but sits in just a 23 pips range so far.

USD/JPY is a notable one as it ran into a test of 140.00 again in Asia trading but sellers are holding the line for now:

Elsewhere, GBP/USD is up 0.2% to 1.2350 while AUD/USD is up 0.2% to 0.6520 on the day. The former is inching closer towards a test of its 100-day moving average at 1.2286 while the latter is contesting support at the 0.6500 mark with the low earlier today hitting 0.6490.

The US PCE price data coming up later will be a key risk event to watch, and could act as a catalyst for markets to move before we head into the long weekend.

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