US dollar rally crushed
It's back to square one for the US dollar as the rally that peaked after strong construction spending and ISM manufacturing data has been blown away and more.
USD/JPY is now negative on the day at 117.43 after hitting 118.60.
The euro and pound both ticked below the December lows briefly but have stormed back. They're up about 70 pips each from the lows.
The dollar reversal has had repercussions elsewhere. Oil is down 2% after rising 2.5% and gold is now up $10 on the day.
You need to be careful doing the dollar bull dance on a day when flows absolutely overwhelm everything else. This move kicked off just before London fix but it looks to be more than that. We'll see if the dollar can find a floor once London goes home.