After running hot earlier in the day, the dollar is starting to cool down as we see earlier gains turn around.
USD/JPY is staying elevated though, up 1.8% to 130.70 at the moment. However, the greenback is seen losing ground elsewhere with EUR/USD rising up from 1.0485 to 1.0558 at the moment - at flat levels on the day.
GBP/USD has also recovered from a low of 1.2490 to 1.2555 while AUD/USD is up from 0.7075 to 0.7150, up 0.4% now.
The greenback has also seen gains let up against the Chinese yuan, with the offshore yuan now at 6.63 against the dollar after having hit a high of 6.65 two hours back.
This looks to be a bit of a shave off the top in my view and it will take much more to convince of any major reversal in the recent dollar momentum.
