US dollar lower into the London fix
It's been a dramatic week in the forex market with central banking surprises from the BOC, BOE and Federal Reserve. All of them were hawkish and it created some unexpected volatility.
The US dollar has been a big winner since Wednesday's Fed statement but it's losing a bit of altitude into the London fix. That could be flows or it could be a sign of worries about the economic outlook in light of a slip in the University of Michigan consumer sentiment survey.
On net, it's a small retracement given the scope of the US dollar move -- especially USD/JPY, which is still up nearly 200 pips since the Fed decision.
