US dollar gives a bit back
We're seeing the dollar give back a small part of its recent gains through the London fix. There weren't any fireworks at the fix with the selling starting beforehand.
The volatility in broader markets continues. The S&P 500 tagged a record early but gave it all back and more, falling by as much as 15 points. It's now roughly unchanged.
Bonds also remain bid but yields are off the lows with 10s trading at 1.31%.
The Fed minutes today are the next big event as the market tries to stamp a timeline on tapering and rate hikes. The tide of the market changed at the FOMC meeting as dots moved up aggressively. Fed officials have said the dots weren't even discussed at the meeting though, so the minutes could have a different tone.
Looking at the charts, NZD/USD is one of the few to hold yesterday's low. It's also starting to get more speculative love. If you're looking for a place to fade dollar strength, this is probably it.
