Dollar loses a bit of ground to start the session

<p>And that is weighing on the dollar slightly, but nothing too significant. Of note, it is the euro and pound which are advancing just a touch more against the dollar after having previously stuck in narrow ranges in Asia. EUR/USD was holding in a 13 pips range earlier but is now extending that to roughly 30 pips in a push to 1.0800:</p><p>It's a decent one but buyers will have to push back above the 200-day moving average (blue line) at 1.0817 to really relinquish the downside bias from Friday.</p><p>Meanwhile, GBP/USD is up 0.3% to 1.2625 but is still keeping below its own 100-day moving average at 1.2650 for now.</p><p>USD/JPY remains little changed at 146.30 at the moment, with there being little to work with. The bond market remains quiet with Treasuries out for the day.</p><p>As such, it is stocks acting up as the key driver for trading sentiment at the moment. European indices are off to a decently positive start while US futures are also now higher by around 0.2% and gradually gaining at the highs for the day. That is helping to pin the dollar a touch lower as we get things underway.</p>

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

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