The US dollar is generally lower but it comes on the heels of big gains.
Aside from cable, the US dollar is only down 20-35 pips across the board today. If you're a US dollar bull, that's a victory.
Consider that the US dollar has gained in 5 straight sessions against both the yen and Australian dollar and kiwi. It had also made three consecutive sizeable gains against the euro.
Nothing moves in a straight line forever but a market is stronger when the intermittent pullbacks are modest.
Looking ahead, it's all about CPI and Yellen tomorrow. I'm expecting an important speech on the economy from Yellen and I suspect she may be cautious on the economic outlook. That could undermine the recent dollar gains in a hurry.
I'm not a fan of the DXY, but, you know, for illustrative purposes
