And that is dragging the dollar down with it as risk trades continue to see a modest recovery. S&P 500 futures are up 0.4% while major currencies are starting to extend gains against the greenback, continuing from yesterday. USD/JPY in particular is losing altitude as it falls to 149.33 and drops below both its 100 and 200-hour moving averages:
USD/JPY hourly chart
That is seeing sellers now take over near-term control for the first time in nearly two weeks. Alongside the break higher in EUR/USD as noted earlier, it’s a sign that the tide is turning against the dollar in the bigger picture at least until yields return higher – which may not come until after month-end.