A trilogy of reversals is almost complete. Equities fell for most of January but then began rising. Bond yields moved lower in the first few weeks of the year but have since risen. Now the dollar seems to be shedding some of its earlier strength.

The trigger for the latest move seems to be the statement by South Korea’s central bank that it plans to diversify its foreign exchange reserves into a wider range of currencies. The willingness of Asian central banks to buy US assets had previously been cited as a significant prop for the dollar.