USD trade tempered this morning, but no runaway recovery expected

The USD index is creeping higher, and although we sense some small correction is in the making, it is unlikely to develop into a significant move higher, though in the case of USD/JPY, yesterday’s ‘presence’ of the BoJ gave the lows a bid, so some consolidation above 111.00 taking place and we may see a slow grind back up towards 111.70-90 to set the daily range. 

EUR/USD is naturally moving the other way, but as mentioned earlier, ECB member Praet’s assertion that deposit rates could be cut further have taken the gloss of the EUR recovery to a small degree, though we still see the uptrend resuming.  Cable has slipped back to new lows on the session, though few stops on the downside and players still looking to 1.4500+ on the upside. 

AUD/USD has also taken a small dip, but we not decent buying interest either side of .7600, more from .7550. 

USD/CAD also making fresh ground through 1.3000, but all tentatively so, as the WTI push through $40.0 makes this pair a sell on rallies.

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