Dollar slides again
S&P 500 futures point to a 15 point gain on top of yesterday’s 43-point rally. That’s picked up in the past 30 minutes and the dollar rally is reversing.
In particular, the commodity currencies are back near the highs of the day. USD/CAD is down to 1.2030 from 1.2042 ahead of the retail sales report. I think those numbers weren’t as bad as feared for April and we’re also seeing a larger bid creep into oil.
The loonie has been the best performer this year but watch out if the weekly low and 1.20 break.
For the US dollar, the Markit services and manufacturing releases are coming up this hour. Those could flip the script.