Forex headlines for Oct 8, 2014:

What a day:

The US dollar rallied around 30 pips on most crosses in the hour or so before the FOMC minutes as the market tried to sniff out something hawkish. The market was dead wrong — the Fed didn’t offer anything dovish and the dollar absolutely ripped.

Cable led the way, soaring to 1.6180 from 1.6034. The commodity currencies were next in line, gaining more than 100 pips from the lows.

The euro climbed to 1.2740 from 1.2655. USD/JPY was a bit less impressive but still tumbled to 108.13 from 108.70.

I’m keeping a close eye on that 107.75/108.00 zone of support in USD/JPY. Most FXLivers see a correction in the dollar but it’s not a done deal until that zone breaks.

The S&P 500 hit the lowest since Aug 8 at 1925 and then ripped to 1969. In the end, it was the largest percentage gain since Oct 10, 2013.

Oil is in very bad shape but managed to bounce 80-cents from the lows. There’s lots of talk about a US oil glut.

Stay tuned for Asia-Pacific trading: It’s Truckometer Day!