We’re not seeing massive pullbacks in stocks or commodities today but it is interesting no note that they are not doing much to endorse the bout of USD weakness seen so far this morning.
Oil is down on the day, at $67.80 (-$0.80) while copper is lower as well. The S&P is virtually unchanged after ticking up a few points at the height of the dollar slide.
As has been the case so far this week, the dollar selling is of the hit-and-run variety. Once the music stops, traders all scramble for chairs. Finding none, they sell out their long EUR/USD or Cable positions
BIS sales at 1.4280 helped cap EUR/USD while cable was satisfied just to brush 1.65 and trigger barriers. EUR/USD has eased to 1.4225 and cable to 1.6440, basically NY opening levels. Blink and ya missed it…