US dollar bulls are suddenly getting cold feet.
A strong auction of 10-year notes today highlighted a bond market that’s less-concerned about inflation or the Fed. That’s been a green light to buy risk assets and sell the US dollar.
Earlier today the pound sank against the US dollar but it’s since made a complete turnaround, rising to the highs of the day.
GBP/USD 10 mins
Similarly, the US dollar is under pressure right across the board.