The dollar rallied in early N.Y. trade on Thursday, buoyed initially by the ECB, a much narrowed July trade deficit, and nearly in-line jobless claims. The August services ISM was better than forecasts, and early action saw Wall Street rally, and yields move lower, largely following bund yields lower after dovish ECBspeak. EUR-USD was the driver of dollar gains, as it fell from 1.1235 to better than two-week lows of 1.1088, after the ECB's Draghi spun a very dovish outlook, and opened the door to wider scope in the Bank's QE program.
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