Dollar has a rare down day as Fed's...........>

FOREX: Dollar has a rare down day as Fed's balanced view on inflation continues

to pervade

-The greenback is the poorest performer in G10 but the pullback remains

relatively shallow, suggesting today's move may be pause, rather than a

reversal, of the recent momentum of the dollar.

-Neither EUR/USD nor GBP/USD have yet managed to top yesterday's highs, with

poor domestic UK services PMI and Eurozone CPI holding back the currencies. 

-NOK sits on top of the G10 pile as the Norges Bank's confident confirmation of

their hiking plans contrasts with that of the US, the ECB and their closest

neighbour in Sweden, prompting NOK/SEK to touch near-18 month highs. The rate

traded just shy of Sek 1.1052, the December 2016 high.

-USD/JPY failed to hold the move above Y110 as market holidays in Japan meant

the local bid was absent. Slew of US economic data later today will provide an

opportunity for markets to set positions heading into tomorrow's NFP report.

-ECB's Praet, Constancio and Coeure are still to speak today, with SNB's Jordan

also due, which may draw interest given the proximity to parity in USD/CHF.