There's a fight going on.
Quick observation. Just watching the PA and I would have expected the pound and euro to follow the dollar move with a heftier fall that what we've seen. The inflation data is a green light to hike.
USDJPY has jumped, as you would expect, and is testing 115.00 as I type. However, the moves are more muted in cable and the euro as both yen crosses pull higher.
This isn't a straight USD trade as far as the pound and euro are concerned. Watch for one side winning out over the other leading to either a bounce in GBP and EUR or it catching up with buck.
