Pip Diddy

The Greenback seems to be off to a roaring start for 2017 even as U.S. and Canadian traders were still out enjoying the holiday.

There were only a few items on the calendar, so forex traders apparently turned to the commodities rout for direction, since all the comdolls got whupped during the morning London session.

Forex price action was a mixed bag of nuts, as profit-taking got mixed in with a bit of bearishness from yesterday’s Wall Street performance.

Markets seem to be in holiday mode already as most major pairs rocked back and forth inside their ranges.

U.S. bond yields fell during the morning London session, dragging the Greenback with it. Returning risk aversion, meanwhile, apparently weighed down on the higher-yielding Kiwi.

The low-yielding Greenback sustained more hits today, as Asian session forex traders took on higher-yielding currencies despite the light data flow.

Rally and reverse! The Greenback tried to push for more gains but eventually ran out of steam and pulled back.

Commodities were in retreat during the morning London session, but oil swam against the tide, which is probably why the Loonie managed to win out against its peers. The other comdolls, meanwhile, got bushwhacked.

Ho-hum. Major currencies were locked in tight ranges despite the release of the BOJ’s December policies and the RBA’s meeting minutes. What did the central banks have to say?

The U.S. dollar sprang back to life after Fed Chairperson Yellen highlighted labor market improvements in her recent testimony, even as U.S. data disappointed.