US dollar gives back early gains.
A break below 1.06 in EUR/USD might have been a step too far for the US dollar bulls this week. The pair is back above that level after falling as low as 1.0570.
It's a similar story right across the board as the US dollar slips 30-40 pips from the highs.
There is no particular driver but bonds are a bit stronger after slumping yesterday and the moves may have simply run to fast. Overall, however, the dollar gains this week helped to re-establish the bullish momentum.
A rise to 1.0680 in EUR/USD in Europe proved to be a selling opportunity and similar 40-pip bounces may draw the same as ECB QE continues to weigh.
