US dollar rebounds

The pattern has been repeatedly repeated over the past 8 months: The market sees a USD-negative headline (like car sales) and everyone rushes out of the crowded dollar trade.

Then as soon as the excitement dies down -- usually within a few hours -- the market gets back to doing what it does best in buying the buck.

There are a series of intraday double-tops/bottoms right across the dollar spectrum with most pairs giving up 20-30 pips from the extremes of the day.