December 7, 2022

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Dollar holds slightly firmer in European morning trade

1 min read

USD/JPY inches up to five-week highs

The dollar sits in a good spot to start the day as it continues the more solid momentum from last week, with the US jobs report on Friday providing a springboard for the greenback to push higher against the rest of the major currencies bloc.

USD/JPY D1 11-08

In particular, the rise in 10-year Treasury yields above 1.30% (currently near 1.37%) is helping to bolster USD/JPY to fresh highs in five weeks at 110.75. The pair will be looking towards the 111.00 handle next after pushing past the 14 July high @ 110.70.

Elsewhere, EUR/USD continues to linger at the year’s lows, testing support @ 1.1704-11. GBP/USD is also down 0.2% to 1.3815 and heading for a fourth straight down day, while AUD/USD is down 0.3% to 0.7325 near its lowest levels in two weeks.

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