As lilac points out, the market is reinterpreting the comments of the NY-based Fed watcher which helped prompt this morning’s dollar rally. The crux of the report is that the Fed will begin to slowly back away from emergency measures and will do a bit of hawkish jawboning but not move too quickly on policy.
EUR/USD ran above 1.47 again before stalling while bond yields have backed off from 3.50% to 3.45% presently.
There do seem to be persistent sales ahead of 1.4720, for what it’s worth. We trade now at 1.4685.