NEW YORK ( TheStreet) -- The U.S. dollar was weaker across the board vs. the majors as dollar selling continues amid a return of risk appetite.For now, it looks like the dollar will suffer when risk on trades rise, and vice versa. The euro tested the high for this correction around 1.2665 (highest vs. the dollar since May 21) but was unable to break through in North American trading. Further dollar losses seem likely near-term. European bank stress test results were delayed, but some details were reported. We think the stress tests may not be rigorous enough, though markets for now seem pretty sanguine about them. The yen was mostly weaker while the Swiss franc was largely firmer, with dollar/yen moving back toward 88 after failing to break 87. EM FX was mixed, but Eastern Europe led the gains again. Biggest gainers on the day vs. USD were AUD, NZD, MXN, BRL, and HUF, while biggest losers vs. USD were COP, MYR, RUB, PHP, and INR. Ukraine central bank cut rates 100 bp to 8.5% on easing inflation, while S&P put Colombia's foreign currency rating on positive outlook. The Turkey Constitutional Court struck down some measures submitted by ruling AKP that were designed to curtail judicial powers. BOE and ECB meetings Thursday are next big events for markets, though no change in policies expected. KC Fed President Hoenig said the Fed should hike rates to 1%, saying that rate wouldn't be harmful for the economy. Hoenig is one of the more vocal hawks, and has been the lone dissenter at recent FOMC meetings with regard to language on keeping rates low for an "extended period." U.S. equity markets were higher, as DJIA, S&P and Nasdaq ended up 2.8%, 3.1%, and 3.1%, respectively. European markets were higher too, with Euro Stoxx 50 up 2.2%. Asian equities are likely to open up today as Asian ADRs were higher during N. American trading Wednesday. Nikkei futures point to an up Japan open, and the softer yen should help Japan exporters. The U.S. bond market was lower, as 2- and 10-year yields rose 1 bp and 5 bp, respectively. European bond markets were mostly lower, as 10-year yields in the U.K., France, and Germany were up 1 bp, 1 bp, and 1 bp, respectively. Greek 10-year yields rose 3 bp, Portugal rose 5 bp, Italy rose 2 bp, and Spain fell 2 bp.