The US dollar touched fresh highs against the euro, yen and commodity currencies but it’s quickly backed off as long-end yields sink. EUR/USD touched 1.0665, which was fractionally below the European low. It’s since rebounded to 1.0680 as part of a wave of moderate USD selling and bids in tech stocks.
EURUSD 10 mins
The long-end of the bond market might be helping along the moves. US 30-year yields are at a session low, down 7.9 bps to 4.75%. Factoring into that move might be the drop in oil prices; WTI is at the lowest since August, down $2.25 to $78.65 per barrel. That should put downward pressure on the November CPI reading if it’s sustained.