Dollar steady, European stocks stay in the red

The dollar initially threatened to run away in the early stages today but has seen gains pull back with EUR/USD rising up from 0.9880 to 0.9940 on the day. The pair is still down 0.1% but is at least off fresh 20-year lows earlier with the 0.9900 barrier being breached temporarily.

GBP/USD fell to a low of 1.1444 before recovering to flat levels now around 1.1510. Liz Truss is almost certainly set to be named the next UK prime minister and the results of the voting should come in around 1130 GMT (roughly an hour from now). I talked a little about what that means for the pound here.

In any case, the dollar is still keeping steady overall and the technicals are still looking good as mentioned earlier here.

Elsewhere, S&P 500 futures are up 0.3% but that comes after a turnaround on Friday where Wall Street faced heavy selling at the end. European indices are down today, facing the wrath of an energy crisis after Russia deepened concerns by shutting down the Nord Stream 1 pipeline.

The Eurostoxx is down 1.8%, the DAX down 2.2% and CAC 40 down 1.5% currently.

It will be a US holiday later, so there might not be much in it but just be wary of an extension of the current undertones in the market. Another key spot to watch today besides European energy is oil prices with OPEC+ set to meet within the next hour as well.