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Dollar on the backfoot to start the day

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The dollar slips further, keeping with the tone from Friday last week

The greenback is down across the board to start European trading, with the kiwi leading gains as NZD/USD is up by 0.9% currently.

NZD/USD D1 31-08

The pair is trading at the highs for the day, keeping a push above 0.7000 to 0.7064. The next key resistance point to watch will be the 100-day moving average (red line) @ 0.7083.

Elsewhere, EUR/USD is keeping at its highest levels in over three weeks around 1.1830 as buyers eye a potential push towards 1.1900.

GBP/USD is also one to watch as the pair closes in on resistance from its 200-day moving average near 1.3800.

Meanwhile, USD/JPY is only a touch lower around 109.80 as the more positive risk mood in the market is also pinning down the yen slightly since the end of last week.

Month-end trading will make things a bit tricky to navigate today but the technical battle lines are quite well defined for the greenback at the moment, that being there is some scope for further weakness in the short-term.

The market seems to be sticking with the post-Jackson Hole narrative for now but the US non-farm payrolls report on Friday may shake things up to kick start September trading.

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