US dollar on the defensive
Has the market finally seen the CPI and retail sales reports?
The dollar is on the back foot today as it plums session lows against the euro, pound and commodity currencies. USD/JPY has also turned lower to 108.39 but still has some breathing room before the Asian low of 108.13.
What's helping to keep the yen crosses elevated is the rise in stock markets. The S&P 500 is up 10.6 points to 2339.
I'm not a big fan of the Dollar Index but it's flirting with 100.00, which was also last Thursday's low. A break would open up the way to 99.00 and below.
