U. S. dollar under pressure as risk appetite improve

Commodity currencies and sterling are at the best levels of the day against the U. S. dollar as equities extend gains and oil up into positive territory.

There’s an interesting inverse relationship to oil and the dollar unfolding when you might think it would be the opposite, seeing as how it pushes up Treasury yields and pulls forward potential interest rate hikes.

The dynamic though is that it is risk positive and the U. S. dollar underperforms, mixed in with all that is that there is an agreement to raise the debt ceiling again.