Things are still looking fairly subdued so far on the day but there are some light moves to start the session. The push and pull continues for the dollar in trading this week, with the currency nudging back just a touch lower today. EUR/USD is up 0.3% to just above 1.1400 after a bounce off its key hourly moving averages:

Meanwhile, GBP/USD is also seen up 0.2% to 1.3540 while AUD/USD is up 0.2% to 0.6475 on the day. Overall, the moves are light and not really indicative of much to be honest. USD/JPY is just marginally down by 0.1% to 143.90 so that isn’t providing much impetus for dollar-related moves as well.

We’re still mostly awaiting key trade developments to take place, with the court ruling on Trump’s reciprocal tariffs and any potential trade deals being eyed this week. Adding to that will be the focus on talks between the US and China, more specifically one between Trump and Xi. From earlier: Trump says it is extremely hard to make a deal with Xi

In other markets, US futures have crept a little higher now after a more subdued start to the day. S&P 500 futures are up 0.2% and that’s helping to keep European indices more upbeat as well with the DAX up 0.8% and CAC 40 up 0.7% on the day.

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