There was a fierce bid for the US Dollar at the start of the month, but it has now largely reversed.
I could tie a narrative around rates, Fed hikes and so on, but I’m going to shrug my shoulders here and put that on the feeds at the turn of the calendar.
I don’t know if it was European money looking for dollars or something else. But it ended abruptly after the European close.
Directionally, some of this makes sense, with the market dropping the fed funds terminal high significantly to 3.33% from +4% a few weeks ago.
This article was written by Adam Button at www.forexlive.com.
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