The US Dollar retraced some of its recent gains as risk appetite improved. The New Zealand Dollar was the best performing currency overnight and NZD/USD rallied from 0.7205 to a high of 0.7255. AUD/USD followed it higher and rose from 0.75 to 0.7530. Meanwhile, the Canadian Dollar remains under pressure as Oil prices continue to decline. USD/CAD declined slightly in Asia, but found good support at 1.3080.
USD/JPY remains well bid and the risk-on sentiment is providing it with some additional support. The pair traded as high as 103.22 overnight, a fresh one-month high. With 103.00 resistance cleared, the next level to watch is 104.00, followed by 105.00/20.
EUR/USD was quiet as usual, trading in a 1.1135-60 range. Meanwhile, GBP/USD rallied from 1.3065 to a high of 1.3115 after the Tokyo open.
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