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Dollar mixed on start of North American session, firms vs EUR, GBP

USD was higher against the EUR, GBP, AUD and NZD but weaker versus the JPY, CHF and CAD, while EURUSD and GBPUSD hovered near intraday lows.

Reported · Written up by our desk · Major Pairs

The dollar opened the North American session mixed, trading higher against the euro, British pound, Australian dollar and New Zealand dollar, but lower versus the yen, Swiss franc and Canadian dollar, according to Forexlive.

Japanese Prime Minister Sanae Takaichi said her government wants to encourage the Government Pension Investment Fund, GPIF, to invest more heavily in domestic financial assets while keeping its fiduciary responsibilities to pension beneficiaries. Forexlive reports that market participants viewed the comments as supportive for the yen, though officials also stressed there are no immediate plans to change GPIF's strategic asset allocation, limiting near term impact.

In FX technicals, Forexlive said USDJPY initially fell on the backdrop of the remarks, then rebounded after finding support near its converged 100- and 200-hour moving averages. Meanwhile, the EURUSD and GBPUSD started the session near intraday lows as the dollar firmed, with both pairs testing converged 100- and 200-hour moving averages.

Forexlive added that a break below those key technical levels would increase the bearish bias for EURUSD and GBPUSD and further erode gains built earlier in the week. U.S. equity futures were also pointed to a weaker open, with Dow futures down 322 points, S&P 500 futures down 75 points, and Nasdaq futures lower by 548 points.

Latest closeS&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%|Dow Jones 52,552.97 ▼0.2%

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