US dollar rally stalls as dip buyers emerge
US dollar has been strong today
The US dollar is giving back some of today's gains as sentiment stabilizes.
There's a risk off mood in the markets but it's not dramatic. S&P 500 futures are down 24 points after a one-point rally yesterday and a jump to a record high the day before.
The commodity currencies and cable have had a small, 15-pip bounce here but it looks like today will be driven by stocks. I don't see any reason for a dramatic fall in the Markit PMIs like we saw in the UK but that could be pivotal today.
USD/CAD is lower on this and strong Canadian retail sales: