Risk off trade, turning to lower dollar.
The dollar is starting to weaken after weaker than expected non-manufacturing data.
Below are the changes of the major pairs vs the USD at the start of the NY session.
The current snapshot shows the EURUSD, GBPUSD, AUDUSD, NZDUSD are all higher (lower dollar). The USDJPY and USDCAD are lower. The USDCHF is only pair that is a few pips higher but it already was the hardest hit on the day.
The “risk off” pairs like the NZDUSD and the AUDUSD show improvement. The AUDUSD is still down (12th day in a row), but the NZDUSD has moved to unchanged on the day.