USD shorts just turned on the afterburners
US dollar absolutely smoked
What a disastrous day for the US dollar. It's been a complete reversal, down more than 100 pips from the highs on virtually every front. Cable is up almost 200 pips from the lows.
The market is just running up the score at this point and there's no reason to see any kind of recovery in the dollar in the future. The paradigm of weak USD/better global growth is entrenched.
The next big event to watch will be 10-year Treasury yields hitting 3.00%. They're at 2.90% today, up 7 bps and trading at the highs.