US dollar hits session high against yen and Canadian dollar
Treasury Secretary nominee Stephen Mnuchin is being grilled by Congress today and was asked about the US dollar. He was generally diplomatic and said he wouldn't comment on short-term US dollar moves but said that the long-term strength of the US dollar was important.
Mnuchin is very close to Trump and it's notable that he used the same kind of rhetoric as many of the Treasury Secretaries who preceded him. There was some worry that Trump's style could spread into other institutions and that the rhetoric might be more aggressive. Then again, Mnuchin might just be waiting until he's confirmed.
So far, the moves in the US dollar have been modest. USD/JPY ticked to a session high at 115.62, about a dozen pips above the earlier high.
Meanwhile, USD/CAD is continuing yesterday's momentum higher. The pair is now up 80 pips on the day, all of it in North American trading. That's partly due to oil giving back its earlier gains following the inventory data.