USD pares losses

The US dollar will almost surely end a three-week reign as the best FX performer this week but it hasn't exactly been a reversal.

The US dollar is still within striking distance of the pound for second place and would only need to rally another 60 pips to catch the loonie but even if that doesn't happen, the dollar has had a great week.

After a one-way move for nearly a month, it's impressive just to hang the gains in a week that follows another disappointing non-farm payrolls wage number and included soft CPI data.

When a market won't selloff on bad news, that's the biggest tell of all. Next week his holiday-shortened but includes retail sales and if the consumer finally meets the hype of consumer confidence surveys, watch out.