This morning, the dollar is retreating after making gains across the board yesterday on the back of the FOMC meeting minutes. The minutes showed the Fed at least considering the prospect of rate hikes in light of the Trump led tax cuts. This coupled with strong ISM manufacturing PMI made a good day for the dollar, though a good portion of this is being reversed today.
The GBP/USD saw the biggest losses, with construction PMI coming in well below estimates and flattening the GBP/USD. The GBP/JPY also suffered losses. The pound is recovering somewhat in line with other dollar pairs this morning.
The euro outperformed the pound yesterday with the EUR/GBP making gains.
The NZD/USD is the top performer so far, being pushed higher along with the Aussie dollar by Chinese Caixin services PMI coming in above expectations.
Higher oil prices continue to help the USD/CAD, with the USD/CAD slipping lower again this morning.
The yen pairs have a negative bias as money flows from the dollar and into the yen this morning.
Today, we have UK services PMI at 09.30, released along net lending to individuals.
US ADP non-farm employment change is released at 13.15, with unemployment claims at 13.30.
Canadian RMPI is also released at 13.30.
US crude oil inventories are at 16.00.
The Australian dollar continues to out-perform, helped by strong Chinese manufacturing data.
With the US dollar on the retreat again this morning, there is more upside on the cards for the AUD/USD.