The snapshot of the major currencies space is a bit of a snoozefest at the moment. The dollar fell in trading yesterday, owing to another fall in Treasury yields. 10-year yields hit a peak of 5.02% just last week but are now down to 4.66% and that has been the main story in markets this week.
That has dragged the dollar lower across the board as we head into the US jobs report later. So far today, the dollar selling is ceasing but it looks like traders are just waiting on the non-farm payrolls data before stepping back in again. And as mentioned here, any signs of softness will be another opportunity to pounce.
The snapshot for the day leaves a lot to be desired with narrow ranges prevailing all around:
I don’t think that will change very much in the European trading session coming up, as the bond market will continue to be the key catalyst for broader sentiment at the moment.