The US dollar is making a comeback against its European rivals and the Japanese yen so far, but the commodity dollars are showing the most strength heading into today’s US session. USDCAD fell to a 2-week low at 1.2350 on some modest strength in oil prices and AUDUSD sampled life above .
Of course the dollar would resume its longer-term rally, the euro would be hit by fears surrounding Greece’s debt, the UK would fall into deflation, USD/JPY would break out from its unsustainably tight range and the commodity dollars would fall in sync with the rising U.S. dollar.
The dollar took a breather on Thursday after hitting its highest level against the yen since 2002, and stocks stuttered as high-flying Chinese shares tumbled and European officials downplayed talk of an imminent deal to keep Greece afloat.
Tom Hayes, a former trader on trial for allegedly conspiring to rig benchmark interest rates, has admitted to being motivated by greed and was fired by U.S. bank Citigroup in 2010, the prosecution told a London court on Tuesday.
The bullish momentum picked up in earnest earlier today as European and U.S. traders returned to their desks after a long holiday weekend, with the pair exploding through the 122.00 level to a rally above 123.00 as of writing.