Dollar gathers some steam as commodity currencies lag
Dollar index touches high for the day
Ranges may still be relatively narrow for the day, but the dollar is picking up some momentum in the wake of thin liquidity as we await European markets to open.
EUR/USD and GBP/USD both touched session lows of 1.2265 and 1.3918 respectively. Meanwhile, commodity currencies continued to extend losses on the day as the aussie and kiwi touches session lows against the dollar.
The only exception has been the yen, which has been resilient in the wake of the resurfacing of the Moritomo scandal – that has seen prime minister Abe’s approval rating take a massive hit.
And AUD/JPY is now touching lows not seen since November 2016 as last year’s lows give way. It’s a slippery slope now for the pair as warned earlier
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