The dollar was in full recovery mode in N.Y. trade on Tuesday, following Monday's meltdown. China's rate cut lit a fire under equity futures early on, which had already decoupled from China's ongoing stock rout, allowing the greenback to recover a good chunk of what it had lost on Monday. EUR-USD fell into 1.1397 lows after opening near 1.1520, as USD-JPY breached the 120 mark, peaking at 120.40 early in the session, rallying better than 400 points from Monday's low. Cable skidded from over 1.5800 to just under 1.5700, as USD-CAD posted 11-year highs over 1.3325.
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