January 27, 2023

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Major currencies little changed so far to start the session

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Dollar holds steady after the turnaround yesterday

Narrow ranges are playing out with little change observed across the board among major currencies to start European morning trade.

Risk sentiment remains more cautious (US futures have trimmed earlier declines a little now, S&P 500 futures are flat) while Treasury yields are also little changed so far, keeping FX rather sidelined for the time being.

EUR/USD D1 21-04

EUR/USD continues to keep below its 100-day moving average (red line) @ 1.2054 with near-term support seen closer to 1.2000 at the moment.

Elsewhere, USD/JPY continues to hug the 108.00 handle for now while commodity currencies are also keeping in tighter ranges against the dollar.

Given the lack of notable data releases, risk sentiment and technicals are still going to be the key factors dictating price action in the session ahead.

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