Calmer tones but be wary ahead of the London fix again later in the day

The dollar was modestly bid ahead of the fix yesterday and that could owe to some month-end flows perhaps but it could also be some pushing and pulling on the technical front, though we’ll only get more clarity once the week passes.

So far today though, things are more quiet with major currencies pretty much flat against the dollar and one another at the moment. The kiwi is mildly higher but it is rather negligible considering that it only sits 12 pips up on the dollar and just below 0.7300.

NZD/USD D1 27-05
Key daily resistance is still seen around 0.7300-05 so that will be one to watch before the week comes to an end and the long weekend comes along.

Looking at EUR/USD, the pair is keeping under 1.2200 now after buyers tried to move above the figure level only to be rejected at the 100-hour moving average:

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