The dollar has traded firmer today, reversing half or more than half of the declines seen yesterday versus its major peer currencies. This comes amid a cautious tone in global asset markets. Stock markets have stalled after the MSCI All Country World index scaled to a new record high yesterday. Oil prices and other industrial commodities are softer. Regarding the U.S. economy, the markets are continuing to digest the disappointing rise in May nonfarm payrolls amid a backdrop of a robust recovery, albeit with headwinds. The upshot is that Fed tapering worries have been pushed back somewhat.