February 3, 2023

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Dollar on the backfoot to start the session

1 min read

The dollar is slightly weaker as the market stabilises

Steady tones across the board is helping to keep the market less nervous as compared to yesterday with the bounce in crypto also helping with sentiment somewhat.

The dollar is softer across the board as such with EUR/USD clipping 1.2200 once again after defending its 100-hour moving average in trading yesterday:

EUR/USD H1 20-05

As such, buyers remain in near-term control but will have to try and look towards breaking the 25 February high @ 1.2243 to establish further upside momentum.

Elsewhere, USD/CAD is down slightly back close to 1.2100 while AUD/USD is at session highs near 0.7760 looking to test its key hourly moving averages @ 0.7765-80.

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