The greenback is feeling some love as we get things going in Europe
Early days in the European session, but the dollar is starting to make a move. EUR/USD and GBP/USD are both down to session lows of 1.2364 and 1.3942 respectively, while the greenback also pared losses against the yen and the swissie.
Here’s what the major bloc snapshot looks like now:
Only the commodity bloc is holding up against the dollar so far but we’ve also seen the kiwi and loonie give back some gains. The aussie remains resilient so far in trading, holding its own against the move at the moment.
Draghi’s speech earlier didn’t offer anything new from his last ECB presser, but it’s enough to give the euro a cold shoulder for the time being. He highlights that the euro strength could weigh on inflation down the line — and the full text of his speech also talks about risk with regards to development in the FX market (reckon he means if the euro appreciates too quickly).