The dollar dipped in early trade, taking the DXY to 89.45 lows, from a pre-open high of 89.77. A modest USD short covering rally set in ahead of the London close, which lifted the index back to 89.63. There was no data to drive the market, and FX trade overall was subdues. EUR-USD ranged between 1.2397 and 1.2371, as USD-JPY bottomed at 107.10 before topping at 107.31. USD-CAD shot higher on a “cautious” BoC policy statement, after leaving rates unchanged, as expected. Cable settled in the low 1.42s following its London slide on soft U.K. CPI.
[EUR, USD]