Heading into US session, USD is broadly sold off and reversed all of today’s against except versus JPY. There is no apparent trigger for the reversal. But it could because USD’s rally has exhausted on overbought conditions. Also, traders could be lighting up positions ahead of tomorrow’s CPI release.
Notable buying is seen in GBP, ahead of tomorrow’s BoE rate decision. But CAD is the one the emerges as the strongest for today, with WTI crude oil back above 71 handle.