Dollar loses a bit of ground to start the session

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:

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.

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.

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.

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.