One factor no longer around to support the greenback is the SNB. They intervened in USD/CHF and EUR/CHF this morning, helping underpin the dollar across the board for a time. That factor is now off the table as the Swiss seem to only intervene during working hours (how civilized!)
Most of the month-end flows have been taken care of and now the market has been left to its own devises. When in doubt, revert to the trend and the trend has been against the dollar for quite some time now.
The weaker dollar tone has helped boost stocks from their lows and commodities are on the rise as well putting the reflation trade back into focus, to the extent the market is focused today.
EUR/USD trades now at 1.4645. Solid resistance is at 1.4675.
