Dollar looks to build on the positive momentum from yesterday’s start

Forex News FX

The dollar is working with those key ingredients mentioned and is looking set to extend its recent gains against the major currencies bloc. Of note, we are seeing USD/JPY track above 145.00 now with an air pocket between that and the 150.00 mark. The only thing here is will we see some form of stealth intervention by Japanese officials?

USD/JPY daily chart

Besides that, EUR/USD is slipping under its 100-day moving average of 1.0930 and is currently trading at 1.0912 and USD/CNY is trading to its highest levels since November last year after the PBOC moved to cut rates earlier here.

AUD/USD is still finding some support from the May low of 0.6458 and is trading closer to 0.6500 on the day. But it's tough to be overly optimistic on a stronger bounce amid China concerns and the fact that rate differentials continue to favour the dollar.

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