It's got to be the yen. That is the currency with the lowest yield and borrowers can be comfortable that the BOJ is not going to significantly boost their funding costs over the course of the year.

320

Oil prices have continued to move higher and equities have apparently taken it badly.

247

The reason the dollar is staying strong is because markets have continued to price in more Fed tightening.

174

Data has been strong enough heading into year-end to prevent market participants from making strong conclusions on the likely timing of the end of the Fed's tightening cycle, and in this environment the dollar is likely to remain well-supported for now.

165

The data suggests the big momentum positions which had mirrored carry trades have now been cut back to much more neutral levels, which should provide a good backdrop for carry trade rebuilding in the new year.

161

Further evidence of stability in the housing market and solid retail activity could prompt a rethink of MPC easing risk now priced in, allowing the euro to retreat sharply against the pound.

159

Michigan was a touch below consensus. The dollar may pull back a little, especially against interest-rate-sensitive currencies.

117

The dollar is continuing to respond to the new shift in tone from the FOMC yesterday, and that has continued to work through, not only on the currency market but also on the interest rate and equity markets.

117