USD-JPY is the most interesting as it broke its uptrend and remains in that mode. Apparently, USD is no longer the main risk ‘off’ liquidity currency; Yen is.

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USD-EUR is in a sideways trend. Is it consolidation or a double top?

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USD-GBP is still very bullish.

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USD-CHF is gently up trending.

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USD-CAD has been consolidating a firm up trend.

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USD-AUD, same deal.

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USD vs. Yen and to a degree Euro, continues to imply that confidence in global policy makers is flagging because BoJ and Europe do not want relatively strong currencies and the US Fed is pretending to be a sound steward of USD. Britain appears to be its own animal, marching to its own drummer (and weak currency) and the ‘Commodity Currencies’ of Canada and Australia continue to imply no ‘inflation trade’ yet, despite the bounces in these currencies of late.

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