Major currencies see ranges stretch but nothing too significant
Commodity currencies still hold a slight lead on the day with the yen and franc the laggard, as risk tones are keeping more positive so far in European morning trade.
European indices are posting solid gains with S&P 500 futures and Dow futures also up 0.4%, while Nasdaq futures are up 0.1% on the session so far.
That said, FX isn’t really moving all too much with AUD/USD still keeping a slight advance of 0.3% around 0.7330-40 for the most part. Meanwhile, NZD/USD is off earlier highs of 0.7065 and is trading around 0.7050 currently – up just 6 pips on the day.
Elsewhere, EUR/USD is still napping somewhat as it trades in and around 1.1800, now seen at 1.1813 after trading around the lows earlier at 1.1795.
USD/JPY is perhaps the most notable mover as the pair extends a push above 110.00 to 110.30 with the high today touching 110.41 earlier:
Buyers are keeping a defense of the 100-day moving average (red line) and the trendline support, with price now up to its highest since 13 August.
A test of light offers closer to 110.50 is on the cards with further resistance seen closer to the daily highs in the region of 110.60-80.
That said, any major upside extension may require Treasury yields to conform and 10-year yields have settled down a little after an earlier push above 1.33%, now keeping closer to 1.315% in mid-morning in Europe.