February 8, 2023

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Dollar nudges a little lower on the session

1 min read

The greenback eases slightly across the board

EUR/USD has pared its earlier losses from 1.1990 to 1.2015 while GBP/USD has also bounced off lows of 1.3876 to 1.3925 currently as the dollar eases a little.

The antipodeans are capitalising on that, with NZD/USD rising to 0.7192 helped by a strong NZ labour market report earlier in the day while AUD/USD is up to a session high of 0.7741 and testing its 100-hour moving average at the moment:

AUD/USD H1 05-05

In general, AUD/USD has been relatively choppy for the last three weeks or so as gains remain capped closer to 0.7800 in the bigger picture while buyers are fending off any decline near its 100-day moving average, now seen @ 0.7705.

For today, the key hourly moving averages @ 0.7741-55 are likely to keep gains in-check for now, adding to the large option expiries at 0.7750 as well.

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