Some US dollar bids have emerged early in North American trading, helped along by an uptick in Treasury yields.
I don’t see a clear catalyst for the dollar move but it’s boosted up USD/JPY to 149.20 from 148.95.
USDJPY 10 mins
Other dollar moves have been smaller so these could be yen flows.
In any case, the dollar rally has hit commodities particularly hard with gold now down $6 and oil quickly falling by more than $1 before a bounce.
The Fed’s Bowman speaks in a few minutes and it’s a good bet that she’s hawkish, though in early January she said that her hawkish stance had ‘evolved’ into a place where more rate hikes weren’t needed.