The US dollar has suddenly come under pressure in Asian trade, seemingly on the back of nothing.
Around 1.15pm Sydney time, and having traded higher earlier in the session, the greenback did a sharp turnaround and just kept falling, leaving the US dollar index down around 0.3% for the session.
Reflective of that decline, the Australian and new Zealand dollars, along with the Japanese yen and euro, have all strengthened against the greenback by a similar margin.
It’s been a very correlated move, with the exception of the offshore traded yuan, or USD/CNH, which is largely unchanged for the session.
The move came as Japanese markets closed for lunch, suggesting that lower than normal liquidity may have been a contributing factor.
Here’s the five-minute tick chart of the USD/JPY.
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