The US dollar is the weakest performer as we get things going in the new week. The more positive risk appetite in markets isn’t helping with sentiment in the greenback but the technicals also point to some retracement after the action last week.
The dollar saw its first weekly decline in seven last week, as we see other major currencies recover some ground with some coming up for air after being beaten down against the dollar. The antipodeans are leading the charge today, keeping up by over 1% against the greenback.
EUR/USD is up 0.4% to just above 1.0600, targeting the 4 to 5 May highs around 1.0631-42 as the next key resistance point.
Meanwhile, GBP/USD is up 0.6% to 1.2570 as buyers extend a break above the 1.2500 level:
The 4 May high @ 1.2638 will be a key resistance point to watch as there is some added breathing room for the pound for the time being against the dollar.
AUD/USD is seen trading back above 0.7100 notably and targeting its 38.2 Fib retracement level @ 0.7147:
Elsewhere, NZD/USD in a similar predicament as the pair is up over 1% to 0.6470 at the moment:
There’s also more breathing room for the pair with its own 38.2 Fib retracement level seen @ 0.6529.