Dollar falls further in European trading

<p>The dollar is failing to find much comfort amid lower yields and more positive risk sentiment on the session thus far. While both factors are not stretching out too much for now, the greenback is still finding itself offered against the rest of the major currencies. EUR/USD is now up 0.5% to 1.0905 as it runs into <a href="https://www.forexlive.com/Orders/fx-option-expiries-for-24-january-10am-new-york-cut-20240124/" target="_blank" rel="follow">large option expiries</a> at the 1.0900 mark amid a bounce off its 200-day moving average (blue line) once again:</p><p>Meanwhile, the pound is one of the main beneficiaries against the dollar after a stronger UK PMI <a href="https://www.forexlive.com/news/uk-january-flash-services-pmi-538-vs-532-expected-20240124/" target="_blank" rel="follow">here</a>. GBP/USD is now up 0.6% to 1.2765 as it starts to angle towards key resistance near the 1.2800 mark as highlighted <a href="https://www.forexlive.com/news/cable-extends-gains-as-uk-pmi-reaffirms-economic-resilience-20240124/" target="_blank" rel="follow">here</a>.</p><p>USD/JPY is also struggling as it gets pushed down by 0.7% to a low of 147.38 with sellers hoping to try and contest a break of the 100-day moving average (red line) at 147.51 on the day:</p><p>Elsewhere, AUD/USD is up 0.4% to 0.6605 as it contests the weekly pivot and also the 200-hour moving average at 0.6603 currently. The latter is a key near-term level to watch as a break above that will give buyers more impetus for a rebound moving forward.</p><p>NZD/USD is also seen up 0.6% to 0.6135 as it is also running up against its own 200-hour moving average at 0.6139 on the day. Both the antipodean currencies are having a similar technical setup in that respect against the dollar right now, as they hope to snap three straight weeks of losses against the greenback to start the year.</p>

This article was written by Justin Low at www.forexlive.com.