December 5, 2022

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Dollar keeps a touch firmer but all eyes remain on the Fed

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Dollar holds a modest advance on the session

The greenback has now pared losses against the euro with EUR/USD falling down to the lows for the day around 1.2115 after failing to take a run at the key hourly moving averages closer to 1.2150 in European morning trade.Invest in yourself. See our forex education hub.

Elsewhere, the dollar is holding decent gains with GBP/USD testing near-term support at 1.4073 once again while AUD/USD continues to flirt with a heavier drop below 0.7700.

Adding to that is USD/CAD starting to approach 1.2200 and the 13 May high @ 1.2203 is one to take note of as a break above that could see gains gather pace.

USD/CAD D1 15-06

The Fed is still the key risk event in the market this week though, so perhaps traders are positioning for something slightly hawkish – not on tapering but maybe in language, forecasts – so be wary of that going into tomorrow.

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