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Some light pushing and pulling in the dollar in European morning trade

A bit of a messy start to the session

Cable fell to fresh lows since January moments ago but has quickly bounced from 1.3505 to 1.3540 levels now with AUD/USD also having trimmed earlier gains in a fall to 0.7235 only to climb back up to a session high of 0.7265 in the past few minutes.

The market is caught in a bit of a mix in terms of digesting the developments this week, with stagflation fears being a key debate amid the energy crisis globally.

But that seems to be coming off the boil a little today as energy prices cool and we see Treasury yields also keep a little lower after the unrelenting push up since last week.

Going back to FX, AUD/USD is still largely caught in a bind though as there is decent support from the swing region around 0.7220-30 while upside is more limited just above 0.7300 with buyers being unable to hold a daily break above that since last week:

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