US dollar slumps to the worst levels of the day

EUR, JPY, GBP and AUD near the daily highs

The US dollar has grinded to the worst levels of the day in a broad, albeit modest selloff. In the past few minutes, it touched fresh daily extremes against the pound, euro, yen and Australian dollar.

There isn’t a particular catalyst for the decline but it’s a continuation of moves that started after weak wage growth in Friday’s non-farm payrolls report. With US inflation data coming later this week, the market is concerned that more of the same is coming.

Technically, the moves are generally inside of recent range but AUD/USD is beginning to show some signs of life after a tumble in February.

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