Comments from Nomura on the USD (via Bloomberg report)

  • US rate markets have returned to pricing in a (small) probability of a Federal Reserve hike
  • global growth expectations have risen - assisted other currencies to gain against the USD
  • And, "the dollar has been too strong relative to interest rates for a while now"
  • Fed communications "have been the critical triggers for dollar moves"
  • (bolding mine)

Fed communications …. sheesh … they've been a bit messy for sure.