Technical Analysis

Slight risk-on shift in FX to start the session

Commodity currencies lead as the yen, franc lag on the day

The market is starting European trading with a more positive mood as the push higher in equities is spurring more of a risk-on trade in FX, as commodity currencies pull slightly ahead on the day now.

The narrower ranges earlier are starting to stretch with AUD/USD up 0.3% to 0.7337 while NZD/USD is up 0.2% to 0.7058, still eyeing its 100-day moving average this week:

Elsewhere, USD/CAD is trading back under 1.2600 now. The dollar is seen middling as it holds a slight advance against the likes of the yen and franc.

Higher Treasury yields is part of the picture weighing on the former, with 10-year yields seen up 3 bps to 1.33% on the day.

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