The dollar is nearly on the brink once again as we head towards month-end and quarter-end. This comes as equities continue to shine, staying in the hunt of a third straight week of gains as the rebound from the banking turmoil continues.
EUR/USD is up to 1.0900 and is now just backing away at short-term resistance at 1.0920-30 from last week’s highs with key resistance not that far away, seen at the 1.1000 mark. Meanwhile, GBP/USD is testing waters just above 1.2400 with the December and January highs around 1.2446 within reach.
Those will be two key levels to watch as it could spill over to broader dollar sentiment in the day/week ahead.
USD/CAD is also one to keep an eye out for as it runs into the 100-day moving average at 1.3519, with the loonie underpinned by higher oil prices this week. Looking over to the antipodeans, they are still largely confined as outlined here yesterday.
With month-end and quarter-end in consideration, keep in mind that there might be some volatile flow moves all before the day ends later.
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