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EUR/USD slips to day’s low as dollar holds firm on the session

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EUR/USD touches a low of 1.1269 on the day


The dollar and yen are holding their own so far this session and we’re seeing both currencies extend gains against the rest of the major bloc currently. It’s not a major move by any means but it is notable flows in what has been a light session so far with much of the attention being paid to Brexit.
E-minis are down about 0.4% currently so that’s helping to fuel a bit of flows in the yen as Treasuries are flat but it’s mostly a case of the dollar starting to run higher again as the pound and euro are beginning to weaken as Brexit optimism is leveling off in my view.
The way I’m looking at the moves so far this week is more of it this way (in terms of impact): Sterling > Euro > Dollar
Flows out of sterling will inadvertently weaken the euro and benefit the dollar; vice versa.
And with markets now focusing more on the fact that Theresa May could face an uphill task in parliament, we’re seeing price action reflect the flows above.
For EUR/USD, price now looks to be headed back towards a test near swing region support at 1.1250. But I would expect price action to be sluggish unless new developments come about for the pound.

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