The dollar takes over from the JPY at the start of the NY session
The dollar is king for now. The greenback started the day below the JPY (see the ranking below from the NY opening).
Since then the USD has rocketed higher and it is now the strongest of the major currencies. The JPY has also moved below the CAD which is rebounding strongly as well today despite lower oil prices. The price of crude oil is currently down $1.65 or -5% at $31.30, but is off the low price of $30.02. It is an interesting move in the CAD given that oil weakness.
The changes chart below is showing the move higher in the dollar from lower levels. The greenback is trading near high levels versus the major currencies with the exception of the CAD (it is trading in the middle).
The rise in the US dollar is doing a number on the price of gold. Gold has lost its safe haven status and is currently trading down $57 or -3.5% at $1578. The low price reached $1574.65. The high extended to $1650.43.
