February 4, 2023

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Dollar advance trimmed to start the session

1 min read

The dollar sees its gains trimmed across the board

Of note, the pound and loonie have all but erased their earlier losses against the dollar with cable moving up to 1.4140 levels as buyers stay poised to try and target 1.4200. Meanwhile, USD/CAD is trading back under 1.2100 to a low of 1.2085.

Elsewhere, EUR/USD is also keeping a modest bounce from 1.2116 to 1.2140 now as buyers lean on the 100-hour moving average for support earlier:

EUR/USD H1 12-05

That suggests buyers are still in near-term control and are still not letting up on the recent upside momentum just yet.

The aussie and kiwi are still the main laggards but are trading well off earlier lows as well with AUD/USD moving back up to 0.7815 from 0.7785 earlier in the day.

European equities are looking steadier with US futures having trimmed losses over the past hour or so. S&P 500 futures are down 0.2% after having seen losses of 0.8% at the lows at the tail-end of Asia Pacific trading.
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