Dollar moves to a session high against most major currencies

EUR/USD H1 02-01

Year-end flows are starting to run into a bit of reality check to start the new year as the dollar is advancing across the board to start the day. Notably, bonds also caught a bid and that has seen yields make U-turn in the European morning session:


The greenback is at session highs against the euro, pound, franc, loonie, aussie and kiwi with only the yen keeping more flat against the dollar at the moment.

There isn't any notable headlines driving the moves here but just be mindful that market conditions aren't exactly back to full swing just yet. But the moves are pretty decent so perhaps it is a hint of market players retracing back year-end flows.

Once again though, as highlighted earlier today, gold remains a standout and is even trading close to session highs now around $1,522.20. As bonds catch a bid, it's also beneficial to gold - which didn't see any troubles even earlier in the day amid a more risk-on mood.