US dollar slumps into the London fix. What to watch for
The fix is at the top of the hour
It's the end of the month and that means fixing flows. It's debatable how much of today's USD weakness and corresponding strength in EUR and GBP is fundamental and how much is flow driven.
I would point out that Treasury yields are higher and normally that would be dollar-supportive but we're seeing the opposite. Some moves like AUD/USD higher make more sense on US stimulus talk so there are a lot of balls in the air here.
After the top of the hour we will get more clarity. My guess is we will see cable retrace.