The dollar is sold off aggressively with EUR/USD shooting above 1.15 and returning to the pre-QE days, AUD/USD climbing above 0.78 and erasing the rate cut and USD/CAD falling below 1.24 and also forgetting its rate cut. Also the pound and kiwi are on the rise.
The only currency absent from the party is the yen. This looks like a classic “risk on” party where the safe haven dollar and yen are sold off while markets are partying with risk. Can this continue?
The last nail in the dollar’s current coffin (at this point only a significant correction and not a change in direction) was the plunge in factory orders.
Yet this was just the last in a streak of weak figures.
Here is EUR/USD. The pair broke above the wedge – 3 reasons and didn’t stop there. It already reached 1.1532 in the knee jerk move and is down to 1.1507 at the time of writing. 
The Aussie was hit down under with a rate cut to a record low 2.25%. Down it fell from 0.78 to the 0.76 handle.
The pair now comes full circle, just erasing the crash. Look at the U-turn. The high was 0.7848.
The Canadian dollar has a longer way to go: it had so many reasons to fall, and now it enjoys lower oil and a drowning US dollar.
After USD/CAD lost 1.25 earlier, the pair continued below 1.24 and reached a low of 1.2350. At the time of writing, we have a bounce towards a battle over 1.24.
The British pound enjoyed some good data of its own and managed to escape the 1.50 line.
The recovery sends it to tackle two big figures above the very round number: 1.52. However, it slid back to around 1.5170:
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