After a broad-based dip at the start of the U.S. session, the greenback has come storming back over the last few hours. Naturally, this has caused the earlier bounce in EUR/USD to fade, though USD/JPY hasn’t seen much a corresponding rally.
The central-bank-induced, white-knuckle thrill ride reached its climax over the last 16 hours.
The Dow Jones Industrial Average fell eight points in its opening hour as uncertainty over the Federal Reserve’s key meeting next week is weighing on trader sentiment.
The North American trading day has been a perfect example of the recent craziness involved in equity and commodity markets as Dow and S&P are trying to gain back their Friday losses and WTI is finding even more strength as we start the week.

Last week, we noted the almost eerie synchronized easing from many of the world’s major central banks.<

Another day, another decade high in the dollar.
North American markets are feeling pretty good about themselves this morning as the final revision for U.S. GDP was higher than even the most optimistic Wall Street prognosticators expected.
As our hearts go out to those involved in that standoff, traders have understandably sold the Aussie/USD down to a new 4-year low around .8200.
No one is talking about it, but NZD/USD has been quietly putting in higher highs and higher lows for over three weeks since bottoming near .7700 in late September.