No rhyme, no discernible reason for the latest dollar rally, but it is fairly uniform. The EUR has fallen to 1.3926 with losses accelerating in the last 15/20 minutes on the move through the 1.3940 level where stops were spotted earlier today. USD/JPY is firm at 93.15 keeping EUR/JPY within its earlier range. The cross sits at 129.80, well above this morning’s low of 139.35.
Dealers report bids are beginning to filter into the market around the 1.3925 level so unless stocks down strongly later in the day, we may have seen the range for the day.
