US dollar under modest pressure
Some US dollar selling has crept into the ebb and flow of trading in the past hour. The dollar hit its best levels of the day against the euro and Canadian dollar at the fix and has bled lower since.
EUR/USD has rebounded about 30 pips.
The magnitude of the moves is small but it underscores the lack of any lasting momentum in the market today.
The big theme is the recovery in the pound, which is something Morgan Stanley talked about yesterday in a particularly well-timed note.
Risk trades are also getting a lift today and that has generally benefitted the commodity currencies.