It's all about Nvidia today as shares of the chipmaker surge following earnings but the FX market will have to grappled with a surging Nasdaq and rising front-end yields.The dollar sold off in Europe but has stormed back early in North American trading in a 50-pip round trip that's particularly noticeable in the pound and euro.The risk trade should be negative for the US dollar but given that all the money is flowing into US-based AI companies and mega-cap tech, the flows work both ways.On the economic calendar, we get US initial jobless claims at the bottom of the hour along with Canadian December retail sales. Then at 9:45 am ET we get the US services and manufacturing PMIs from S&P Global
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