USD back on top
It's been a rough week for the US dollar but it's back at the top of the podium today, leading all G10 currencies.
The laggard is the pound as it falls 65 pips following a rip to 1.4150 from 1.3800 starting on Wednesday.
The bigger point here is that this looks like a standard retracement on a Friday after an absolutely punishing move this week. You might expect to see some USD buying into the London fix as well.
Even with today's bounce, the US dollar is deeply lower on the week. It's down 2.3% against the yen and around 1.5% against everything else (ex loonie, which is up 0.45% vs USD this week).
We still have the Feb preliminary U Mich consumer sentiment to come.
