We are seeing the ranges for the day stretch out a bit, with the dollar losing further ground. EUR/USD is up 0.4% to 1.1130 while GBP/USD is up 0.3% to 1.2980 currently. USD/JPY itself continues to be volatile and swingy but is keeping just slightly lower near the 140.00 mark.
Meanwhile, AUD/USD is still holding its early gains as seen here – up 0.8% to 0.6810 currently. And USD/CAD is down 0.3% to 1.3170 as oil prices are also pushing higher with WTI crude setting its sights on the $80 level.
The euro is going to be a focus point today with the ECB coming up and despite the slight advance here, the near-term chart shows that the bias remains more neutral for now:
EUR/USD hourly chart
Price action is sitting in between both the 100 (red line) and 200-hour (blue line) moving averages, so both buyers and sellers are still battling it out. Adding to that, just be mindful of large option expiries layered between 1.1100 to 1.1150 for the pair as that could keep price action more limited as well before the ECB later.