• USD leads, AUD lags on the day
  • European equities lower; S&P 500 futures down 0.7%
  • US 10-year yields up 3 bps to 3.723%
  • Gold down 0.5% to $1,765.69
  • WTI crude down 1.7% to $84.11
  • Bitcoin up 0.3% to $16,573

Tough times don't last, tough people do.

That's the motto for the dollar as it starts to put up a fight with the post-CPI selling momentum from last week stalling today. Essentially, we are hitting a checkpoint where traders have to assess the next leg for the dollar either being a bounce back higher or a further drop lower - that is as we meet key technical levels.

Stocks and bonds also tilted lower as the relief rally also stalls and that is helping with dollar sentiment on the day as well.

USD/JPY initially fell to a low of 138.90 as bonds were slightly bid in the early morning in Europe, before turning higher to trade back towards 140.00 again now as the mood shifts.

Against other major currencies, it was more straightforward for the dollar with EUR/USD falling from 1.0400 to 1.0330 while GBP/USD declined from 1.1950 to a low of 1.1801 after UK chancellor Hunt announced the Autumn Statement, before settling around 1.1850 now - still down 0.5% on the day.

As risk sentiment faltered, so did commodity currencies with AUD/USD down 0.9% to 0.6675 and NZD/USD down 0.8% to 0.6100 on the day currently.

Looking ahead to later today, Fedspeak will be in focus in swaying the mood during this checkpoint for the dollar and broader markets.