The US Dollar has closed its 4th consecutive day in losses on Wednesday. This morning it looks like we are seeing some consolidation with the performance of the buck looking modestly positive at least. The US Dollar index (DXY) measuring the strength of the US Dollar against a basket of other currencies is currently at 89.59.

The suspected gas attack in Syria has raised tensions between Russia and the United States and this has somewhat left its toll on the US Dollar’s performance. On Wednesday the JPY’s typical safe haven appeal favoured support for the JPY as the USDJPY currency pair slipped to lows of 106.65, we are currently at 106.90 as the US Dollar sell off takes a bit of a reprieve.

Yesterday’s hawkish Fed minutes for the 21st March FOMC meeting did little to help the buck.

The euro has been taking the lead on the back of the USD’s recent weakness, but was also helped by comments from ECB officials that continued to suggest that the ECB may be on its way to normalisation of monetary policy.

Later today we are expecting the Credit Conditions and bank liabilities survey from the UK, ECB publishes March policy meeting minutes and later this evening BoC’s Carney will speak at a growth summit in Toronto.