The U.S. dollar is broadly higher today (Thursday). The drivers continue to be the same. The European debt crisis continues to weigh on sentiment and, separately, world growth worries continue to elicit policy responses, though the lack of stronger support for QE in the FOMC minutes may have also bolstered the dollar bulls.

Brazil delivered the expected 50 bp rate to bring the Selic rate to a record low 8%. South Korea surprised with a 25 bp rate cut to 3.0%. This follows recent moves that include China, the U.K., the ECB, and Denmark.

The BOJ tweaked its asset purchase program earlier today. It increased the purchases of short-term instruments by JPY5 trillion, but reduced the credit loan program by the same amount. While this sounds a net wash, there may be more than meets the eye. The credit loan program was under-utilized and therefore a shift of funds away