Other major currencies mostly trading range-bound against the dollar on the day
The JPY extended gains today after yesterday's announcement by the BOJ that they would trim bond purchases. USD/JPY fell down to lows of 112.76 but has recovered a little now in a move back to 112.95.
The NZD is the other strong performer on the day as NZD/USD looks to try and break above 0.7184 - the 61.8 retracement level. The pair has struggled to break above it in recent sessions but it looks like today may be the day that happens. The NZD is also getting a bit of a boost as further AUD/NZD in recent days is helping to push the kiwi higher while the aussie gets left behind a little.
The AUD is mostly unchanged on the day, as I highlighted here earlier that AUD/USD may be range-bound due to a large option expiry at play at the 0.7815 level.
Other major currencies have not really moved as ranges against the dollar has been narrow on the day.
Meanwhile, the sterling is the laggard so far as Brexit woes start to weigh in on the currency. There's still a lot of talks to come with regards to Brexit, and this could be a recurring theme for the year - where GBP rallies may encounter political headwinds that causes a setback.
Here are some of the ranges against the dollar on the day for the major currencies to highlight some of the subdued pairs (though yen crosses are having a field day, EUR/JPY - 109 pips, GBP/JPY - 145 pips):
- EUR/USD - 32 pips
- USD/JPY - 103 pips
- GBP/USD - 35 pips
- USD/CHF - 29 pips
- USD/CAD - 26 pips
- AUD/USD - 23 pips
- NZD/USD - 51 pips
