Oil has turned lower, stock prices have turned lower, both mildly supportive factor for the greenback (because the opposite tends to undermine it
) . These seem to be helping the greenback edge higher in recent ranges. EUR/USD has dipped back 1.3900 area, USD/CHF has recovered above 0.9300 and USD/JPY is up at 82.80.
My guess is we are seeing fresh covering of USD shorts purely because the downtrend is losing momentum.
AUD/USD is interesting. It got very little lift from very upbeat comments in London from RBA governor Stevens. It is back to the 1.01 level from near 1.0125 after saying he sees the commodity boom continuing for years….
