The pain is piling on for the dollar to start the year as it is being sold across the major currencies board once again in trading today. The only salvation is that the yen is doing worse after the BOJ policy decision earlier but even USD/JPY has recovered strongly from 131.50 to 129.80 levels at the moment.
EUR/USD has also more than recovered the drop yesterday, in which the euro fell after reports suggesting that the ECB may be less aggressive in tightening policy the months ahead, up 0.5% to 1.0840 currently. Meanwhile, AUD/USD is up 0.6% to its highest levels since August last year in search of an extension to the upside leg above 0.7000:
The August highs are seen at 0.7125-36 but before getting to that, the 200-week moving average is seen at 0.7171 and that will factor into the technical overview for the pair amid today’s move.
Elsewhere, GBP/USD is also pushing back above 1.2300 again and NZD/USD is up to a fresh five-week high in search of a push past daily resistance seen at 0.6469 and 0.6500 next potentially.