The US dollar is pulling back from the 2018 highs, with dollar pairs enjoying a relief rally.
Both the euro and the pound were hit by Brexit uncertainty yesterday, with the euro coming in for intensive selling on concerns over Italy. The EUR/USD made fresh 12 month lows, falling below 1.1250, with small gains this morning. The GBP/USD also suffered from selling pressure, but held up better, forcing the EUR/GBP lower yesterday despite Brexit fears.
The AUD/USD is one of the top performers this morning, buoyed by China confidence.
The USD/CAD is on the back foot after the Canadian dollar enjoyed gains from higher oil prices.
The USD/CHF closed at its highest levels since early 2017 yesterday as dollar dominance sucked money out of the safe haven Swissy.
Yen pairs are higher this morning, with the AUD/JPY leading the way and erasing most of yesterday’s losses.
Coming up today
Today we have UK average earnings at 09.30, alongside the unemployment rate.
German ZEW economic sentiment is at 10.00.
US FOMC Member Brainard speaks at 15.00.
Trade Idea
The euro and Aussie are heading in opposite directions, with the latter helped by renewed China confidence.
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