Most major currencies recoup losses against the dollar so far

Trump’s comments yesterday helped steady the dollar after Mnuchin’s headlines on Wednesday. The dollar was already in a fragile state when Mnuchin tipped it over, but now things are starting to settle down and the dollar isn’t doing quite as badly as before Trump spoke yesterday.

Overall, the dollar remains weak – there’s no doubt about that but is this where things start turning around? Only time will tell. Like I said yesterday, the rout will end when it ends. It’s a bold move to pick a bottom now when there could’ve been so many bottoms along the way over the last month.

The aussie is leading the way so far as buyers once again reaffirmed their stance by keeping the AUD/USD above the 200-hour MA:

Meanwhile, other pairs mostly retraced against the dollar as the ranges remain limited on the day.

The yen is the weakest major currency so far, as USD/JPY sellers are finding it tough to break below support levels just under 109.00.

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