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The dollar is steadier after seeing its worst day since April yesterday
The greenback is trading more mixed, gaining against the pound, aussie and loonie while keeping lower against the franc and kiwi though the moves are relatively minor.
Meanwhile, the euro and yen are little changed against the dollar so far on the day. But there are some interesting technical observations as we get the session underway.
For buyers, these are the two key levels to breach in order to retest 1.1900 and break away from the consolidative range around 1.1600 and 1.1900 for the most part.
As for USD/JPY, we are seeing price break to its lowest level since March as the 104.00 handle gives way. From a technical perspective, there is little in the way stopping the pair from a drop towards 102.00 next from hereon.
However, the break here doesn’t feel as convincing unless Treasury yields also seek a further plunge lower from current levels. Other than that, Japanese officials will surely keep up the verbal intervention so that might keep sellers at bay as well.
Elsewhere, equities are keeping on the back foot to start the new day but this is largely seen as a retracement after the solid run of gains so far this week.
S&P 500 futures are down 0.4% while Nasdaq futures are down 0.8% currently.
Looking past that, investors may have to deal with the realities of the situation or perhaps easy money is just that powerful. But only time will tell as the election fog is slowly lifted ahead of the weekend hopefully.
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