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We are now seeing an extension to the narrow ranges from the start of European morning trade today. EUR/USD has moved up from around 1.0570 to 1.0600 while GBP/USD is also up from 1.2230 to 1.2270 on the day. This comes as traders fade the dollar strength from the early risk-off flows yesterday and are holding out hope on the rebound since US trading overnight.

EUR/USD hourly chart

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USD/JPY has also eased slightly from 149.05 to 148.75 while AUD/USD is seen up 0.2% to 0.6423 at the moment.

Risk tones are continuing to hold up on the day, with S&P 500 futures up 11 points, or 0.25%, currently. Meanwhile, European indices are also all up ~1.5% as the risk rebound is picking up on the session.

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