February 3, 2023

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Dollar mildly softer as the session gets underway

1 min read

The dollar is a touch weaker to start European morning trade

This follows a more choppy period yesterday, in which the dollar gained after the US CPI report only to pare back that advance before catching a second wind late in the day.

Risk sentiment is tilted slightly towards the softer side so that is something that could work in the dollar’s favour later today but for now, the narrower ranges for some major currencies are still working itself out for the most part.

EUR/USD is a little higher at 1.1790 and keeping off the trendline support for now, but buyers still need to get back above 1.1800 at least to catch a break.

EUR/USD D1 14-07

GBP/USD is also up 0.3% to 1.3845 after the upbeat UK inflation report earlier but further resistance lies closer towards 1.3898-10 for the pair.

Elsewhere, NZD/USD is still looking perky after the more hawkish tilt by the RBNZ earlier, trading up by a little over 1% at 0.7020.

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NZD/USD D1 14-07

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