Dollar just a touch lower ahead of European trading

<p>The risk rotation play last week was a key theme in markets and will we see that continue this week ahead of month-end and quarter-end trading? That's certainly a consideration after the flows we saw as mentioned <a href="https://www.forexlive.com/news/growth-worries-or-build-up-to-quarter-end-20230622/" target="_blank" rel="follow">here</a> at the time.</p><p>For now, markets seems to be taking a bit of a breather. And the dollar is just lightly lower as we look towards the session ahead. USD/JPY remains a key chart to watch with the pair holding above 143.00 still:</p><p>There was a marginal gap lower in the pair, alongside some other dollar pairs, but nothing too outstanding. The big news over the weekend was perhaps a positive development on Ukraine's future as Russia seems to be facing an internal strife.</p><p>As such, risk tones are also keeping calmer. S&amp;P 500 futures are up 0.2% for now, though last week's 1.4% decline is still fresh in the memory of traders surely.</p><p>Going back to the dollar, EUR/USD is up 0.1% to 1.0900 while GBP/USD is up 0.1% to 1.2728 at the moment. The changes are rather marginal for the most part with only NZD/USD keeping higher by 0.5% at 0.6170 currently.</p>

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