February 3, 2023

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Dollar inches a little higher to start the session

1 min read

Commodity currencies lag on the day

The dollar is holding slight gains now as it advances to a session high against the major currencies bloc. Overall ranges for some pairs are still light but we are seeing them stretched out a little going into European morning trade.

EUR/USD is down 0.1% to 1.1763 while GBP/USD is slipping back under 1.3600, down 0.2%. The latter chart continues to paint a not-so pretty picture:

GBP/SD D1 21-07

Elsewhere, the aussie is trading down 0.4% to 0.7294 after a poor retail sales figure and worsening virus situation weigh on domestic fundamentals.

The loonie is also trading down 0.3% with USD/CAD up to 1.2730 after a slight pullback in trading yesterday. The 100-hour moving average is seen @ 1.2657 so buyers are still comfortably in near-term control for the time being.

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