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Dollar index (USDX) extends losses
The dollar is losing ground again now. The USD/JPY has continued to track lower from an earlier rebound above 142.It is now falling back closer to 141.25 and that is allowing the EUR/USD and GBP/USD to extend their earlier session gains. The EUR/USD is now pressing to session highs around 1.0930 and the pound is doing the same above 1.2675. These moves are all adding fresh pressure on the USD index (USDX). That has now fallen below 102.50 and further extended the losses notched up since yesterday, of more than 150 pips now. The dollar is in the dog house for sure folks and it is going to take some kind of surprise, from either the BOE, or the ECB to change that downside dollar direction in any kind of meaningful way. I do not think the US retail sales data due out at 1.30pm has the potential to change that either, even if it is above forecasts.
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