Dollar mildly softer to start the session
The greenback is a little on the backfoot but nothing that stands out all too much once again, as we continue to see more of a push and pull in the past few sessions before getting to Fed chair Powell’s speech at Jackson Hole later in the day.
Overall risk sentiment is holding up modestly but there’s a lack of drive in the market for the time being, awaiting some impetus and catalyst from the Fed later.
The dollar is mildly weaker against the major currencies bloc but narrow ranges are still prevailing for the most part, keeping price action more limited.
EUR/USD buyers are keeping near-term control on a defense of the 100-hour moving average (red line) but there is still a lack of momentum to really get going and test resistance closer to 1.1800 for the time being.
Elsewhere, USD/JPY is sticking close to 110.00 while commodity currencies hold a slight edge against the dollar though nothing that threatens a break from price action that we have seen to kick start proceedings in the early stages of the week.
