The relentless post-Fed selling in the dollar is finally stalling.
I thought we might have seen a peak into the London fix but it extended beyond that for an hour. Now, we're seeing a steady reversal. The euro is down to 1.1108 from 1.1139 at the high.
Comments from US Secretary of State Blinken are crossing now and they have a slightly ominous tone as he notes that China might be considering sending arms to Russia. He also said that Putin's comments yesterday suggest he's headed in the opposite direction of diplomacy.
I don't see a strong rhyme or reason to the dollar moves since the Fed, which was undoubtedly hawkish. Yields are now tracking higher again with the US 30-year bond up 1.5 bps on the day to 2.47% from as low as 2.36%.
