US dollar fades broadly

<p>The US dollar is at the best levels of the day as the market digests strong US consumption data and rising core inflation.</p><p>USD/JPY has fallen 75 pips to 149.64.</p><p>Adding to the weakness in the US dollar is a report from Al Jazeera that Israel-Hamas ceasefire negotiations are 'progressing rapidly' though that story has also run into a healthy does of skepticism. Oil has fallen about $1 from the highs.</p><p>The dollar is also soft against the euro and pound but trading is volatile with eyes on stocks and bonds. The S&amp;P 500 has given back some of its early gains and is trading near flat. The Nasdaq remains higher by 0.8% on a jump in Amazon shares after earnings. In the bond market, short-dated yields are fractionally lower while the longer end is 2 bps higher.</p><p>Overall, it's an extremely tricky market right now and it's tough to stitch together any kind of cohesive narrative or trading theme.</p>

This article was written by Adam Button at www.forexlive.com.