Heavy dollar selling kicks in
The US dollar is taking a big hit at the moment, particularly against CAD, other commodity currencies and the pound.
If you’re looking for explanations, you’re come to the wrong place. It’s quarter end and this is the way it goes. The London fix at the top of the hour will mean even more whippy moves.
Citi yesterday highlighted the chance of USD selling but said it would be ‘moderate’. At the moment, it’s anything but moderate.