Dollar holds steadier so far on the session

FX remains rather muted for the most part

It is shaping up to be a typical summer’s day session in Europe once again as major currencies are holding in narrow ranges for the time being.

The dollar is steadier after a bit of a drop yesterday, retreating following the US CPI data release alongside Treasury yields. The latter is seen stabilising, with 10-year yields now around 1.34% after a drop to a low near 1.30% in the day before.

EUR/USD D1 12-08
Looking at EUR/USD, the pair is hanging around in a 12 pips range today but despite the slight bounce away from 1.1700, sellers are still in a decent spot to keep the pressure on.

The July lows @ 1.1750-55 (now turned resistance) is the key area that buyers need to push past to try and break the stranglehold with the pair also keeping just below its 100-hour moving average @ 1.1744 for the time being.

The near-term play suggests that if buyers can push past the latter, then the bias turns more neutral but a daily move back above 1.1750-55 will be a more positive signal.

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