After the risk selloff yesterday, we are seeing a calmer mood play out in European morning trade today. And that’s keeping the market moves this week in check amid some pushing and pulling in general. 10-year Treasury yields moved up to a one-month high on Wednesday before falling back yesterday and then are now pushing back up to 4.11%. That is helping to steady the ship with the dollar as well, with the greenback sitting a little higher across the board so far today.
The changes among dollar pairs are relatively light for the most part, though USD/JPY is up 0.3% to near 153.50 and hoping to recover the drop from yesterday. GBP/USD is also back down to 1.3100 following the BOE decision, with price action holding in between key near-term levels at 1.3083 and 1.3144 for the time being.
Besides that, the prevailing sentiment among major currencies continues to be centered around the risk mood for the most part. European currencies have seen little change on the week against the dollar in general. Meanwhile, the bigger moves are mostly surrounding the commodity currencies – which have been offered amid the risk selloff in the past few sessions.
Here’s a snapshot of the weekly change thus far, exemplifying that sentiment.
- EUR/USD: Flat
- USD/JPY: -0.3%
- GBP/USD: -0.3%
- USD/CHF: +0.5%
- USD/CAD: +0.8%
- AUD/USD: -0.9%
- NZD/USD: -1.8%
This article was written by Justin Low at investinglive.com.