US dollar still near the highs of the day

The march higher in the US dollar today stalled after a surprise drop in the Richmond Fed. The index sank to -12 from +2. It's the worst reading since 2013 and was coupled with significant declines in nearly all the underlying indexes.

What's so puzzling about it is that other regional manufacturing numbers have rebounded. The Philly Fed posted its largest one-month rise on record this month.

The dollar had been rallying ahead of the data but it's stalled out now. However EUR/USD remains near the session low of 1.1151 and the dollar is less than a dozen pips away from the peak right across the board.

The move in USD/JPY is a bit more pronounced but it's all within a narrow range.

US dollar still near the highs of the day