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Dollar pairs keeping within 10 pips of one another
I reckon that pretty much says it all about how FX is performing so far today. There were some slight gains in commodity currencies early but they didn’t amount to much as trading conditions appear to be rather light (pre-NFP lull perhaps?).
USD/CAD traded to a low of 1.2563 earlier but is now seen closer to 1.2580 as oil prices slump by over 2% (the low today hit $74.96 for WTI, now @ $75.81).
Meanwhile, AUD/USD moved up to test the 0.7300 level before falling back to around 0.7280 once again as buyers lack any real conviction for the time being.
The overall risk mood remains more positive with European indices holding gains of just above 1% for the most part while US futures are also posting modest gains so far. S&P 500 futures are up 0.6%, Nasdaq futures are up 0.9%, and Dow futures up 0.4%.
But I reckon it seems like FX players are not really in the mood to lay down any strong convictions until after we get to the US jobs report tomorrow.