So far today, there's no added conviction in following through on the moves yesterday. Major currencies are muted with the dollar holding steadier and lightly changed across the board.
In terms of market sentiment, the dollar remains on the weaker side as we look forward to the Fed cutting rates next week. However, any further downside might be more limited as traders aren't going to be too willing to chase beyond 75 bps worth of rate cuts by year-end for now. That especially with September being primed for just a 25 bps move currently.
As we look to the Fed next week, US data will also be in focus as we do have the University of Michigan preliminary consumer sentiment later today and then retail sales data next Tuesday. But in determining how things will flow for the weeks ahead, it's all going to come down to the Fed and how they want to position themselves going into October.
In terms of dollar charts, AUD/USD is one to keep an eye out for after the run higher yesterday saw a firm break above the July high of 0.6625. The pair is now up to its highest levels since November last year with some scope for gains to extend further from a technical perspective.
This article was written by Justin Low at investinglive.com.Hence then, the article about dollar holds steadier as european trading gets underway was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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