How a market trades when it's quiet is telling
For most of the past two years, whenever it was quiet, the US dollar tended to drift higher. Now, it's reversed.
Today is another example of how the US dollar can't hold a bid. Early in New York trade, the US dollar hit its best levels of the day against the euro, pound and commodity currencies.
Skip ahead a few hours and most of those gains are gone. The euro and pound have clawed back 50 pips and the commodity currencies are slowly drifting higher.
I don't want to be the guy who bets against the Patriots because the got off to a bad start, but trading in the first month of the year isn't promising for the US dollar.