Dollar finds bids in early European buying and selling

The dollar is certainly making the most of its predicament to start the session, after having held key lines in the sand in trading yesterday. EUR/USD is now down 0.5% to 1.1580 while USD/JPY is up 0.5% on the day to 148.60 currently. The drop in EUR/USD is now taking the pair close to the lows seen yesterday after the US PPI data.

Elsewhere, AUD/USD is struggling to plug the leak as it sinks to its lowest in over three weeks amid a drop back under 0.6500. A softer Australian labour market report from earlier isn’t helping the aussie on the day.

The pair is down 0.9% on the day now as we get into European morning trade.

In US politics, the Senate has passed Trump’s bill on cutting foreign aid by 51 to 48. That will result in the administration bring about an additional $9 billion in spending cuts.

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