US dollar in the driver's seat
The US dollar wasn't the best performer in 2016, it was edged out by CAD and JPY but it finished strong and has been in a multi-year uptrend.
In the first hours of 2017 trading, the theme is the same. The US dollar is leading the way along with CAD and NZD. The big moves are in EUR/USD, which is down 44 pips to 1.0473, GBP/USD, down 57 pips to 1.2284 and USD/JPY, up 42 pips to 117.38.
It's way too early to be drawing conclusions with most markets still ultra-quiet because today is the observed New Year's holiday. The stock market remains closed so it won't be until tomorrow that we get a real look at the trend.
