The dollar is sliding at the moment right across the board.

It's a uniquely FX move with yields largely unchanged in the past hour. The risk tone is improving slightly with S&P 500 futures up 26 points after yesterday's drop.

One spot to watch at the moment is USD/JPY as it falls through the recent low and to the weakest since Friday.

USDJPY hourly chart

The US market is getting its first chances to react to the rate cut in China today and that could be sparking flows.