US dollar returns to the lows of the day as risk trades rally

The US dollar is having a look at the post-CPI lows of the day as the risk mood in markets improves.

It’s turned into something of a ‘buy everything’ market as gold hits a new session high, the S&P 500 hits a record high and even oil has erased a $1 decline.

The dollar has been choppy today but the bulls are winning. AUD/USD shows the moves with the pair jumping on US CPI, then giving it all back before a fresh rally in the past hour or so.

The market is feeling very good about the possibility of US rate cuts this year and a slowing economy.

About the only thing not having a good time in markets today is Gamestop, which is down 32%.