Dollar selling is the theme today.
The two big moves were in the yen and pound. The Bank of Japan didn’t get any closer to easing, sending USD/JPY below 103.00 while upbeat data in the UK sparked a cable rally. The rest of the market got on board and dumped the US dollar.
In order to buy dollars the market needs a clear signal that US growth is picking up and last week’s numbers weren’t enough. This week, the calendar is quiet so this run probably isn’t over.
