February 3, 2023

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Dollar gains ahead of North American trading

1 min read

Bids across the board for the greenback

The dollar is continuing its solid push higher over the past week as we are seeing a couple of technical plays come into play at the moment:

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Elsewhere, USD/JPY is also off earlier lows of 111.22 to 111.42 at the moment despite Treasury yields keeping lower on the day as bond sellers take a bit of a breather.

Looking at GBP/USD, the pair seems poised for a further drop as the technical outlook isn’t pretty whatsoever at this point in time. The dollar is in charge but the pound side of the equation is also not too helpful amid the ongoing UK fuel shortage.

Meanwhile, EUR/USD is a pivotal one to watch as the pair hits lows of 1.1641 on the day and inches closer towards key support at 1.1600.

EUR/USD D1 29-09

As mentioned earlier, the drop below the August low in the pair may set off broader dollar bids and that seems to be the case now. A further drop below 1.1600 will exacerbate the situation even further, especially if we do see USD/JPY also race towards 112.00.

As for AUD/USD, the pair has found comfort from near-term support around 0.7220-30 since last week so an extension below that region could see added downside pressure back towards the August lows around 0.7106 next.

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