Dollar on the backfoot as we get European trading underway ...Middle East

The pair is up 0.3% to 1.1797 currently with buyers knocking on the door of a chance for to open up the next upside leg. That said, large option expiries around the figure level could still help to limit gains on the session - at least before we get to the US retail sales data.

Besides that, USD/JPY is down 0.4% to 146.72 while GBP/USD is up 0.3% to 1.3638 on the day. As mentioned earlier, the downside focus is starting to build against the dollar and that will be a key risk potential if the Fed does lean more dovishly tomorrow.

This article was written by Justin Low at investinglive.com.

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