Sterling starts a breakout
The US dollar is falling across the board as Asian equities rise and the warm and fuzzy feeling continue to percolate throughout markets.
Cable kicked off the move as it broke the January highs and rose to the best levels since 2018. Since there, some broader US dollar selling has picked up and now it's a fairly uniform move with the dollar down around 0.25% across the board.
USD/CAD is catching my eye at the moment as it breaks the late January low. It's the railing a bit today but oil continues to soar with Brent hitting $61.10 and WTI to $58.50. The loonie has barely budged on the last 10% rally in crude and some momentum is overdue.
I think we could see a quick trip down to 1.2600 as optimism percolates.