Major currencies not up to much to start the session

It’s a quieter start to proceedings in European trading today, with major currencies not up to much to start the session. The changes among dollar pairs are light, with the greenback holding steadier after the drop yesterday. That being said, the dollar is still left in a vulnerable spot especially on the charts since yesterday already.

EUR/USD buyers continue to exert some pressure above 1.1700 with GBP/USD also keeping above 1.3700 for the time being. Meanwhile, USD/CHF is still trying to test waters below 0.8000 while AUD/USD buyers are continuing to flirt with a stronger upside break above the daily resistance around 0.6537-50.

Looking to the day ahead, the US PCE price index might offer something for traders to work with later in the day. However, I would argue that today and Monday will offer a harder time for traders to square things up amid potential month-end flows.

We’ll have to ride that out before getting more clarity on the dollar’s standing, before the focus switches back towards trade developments and then more US data before the summer lull hits.

For today, risk sentiment is also leaning slightly more positive with US futures pointing to the likelihood for Wall Street to attempt to hit fresh record highs once again.

This article was written by Justin Low at www.forexlive.com.