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The pair just touched a low of 148.20 on the day, its lowest level in six weeks, as the dollar is finding it tough to stay afloat in the new week. The drop continues the downside momentum from last week after USD/JPY fell past the 150.00 mark and is now sliding further, with eyes potentially set on the 100-day moving average (red line) at 146.51 next.
It’s a tough period for the dollar despite a steadier mood in the bond market and some tentative tones in the equities space. Still, it is being punished as it lags across the board in the major currencies space.
EUR/USD is up over 0.2% to 1.0932 while USD/CHF is down 0.3% to 0.8830 on the day currently. The antipodeans are also keeping their strong showing from Asia, with AUD/USD still up 0.7% to 0.6555 at the moment.
If you’re trying to get a sense of the dollar’s recent weakness and how that plays into the bigger picture, I shared some thoughts last week here: Has the dollar finally gone past the apex?
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