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Dollar Index Reverses
The Dollar Index is staging a potential key reversal. It set a marginal new high for the move and now has reversed low to take out yesterday's low, as this Great Graphic from Bloomberg illustrates. We had suggested that the recent advance had left technical indicators stretched. We also observed that despite the talk of monetary policy divergence, US rates had not backed up, as the UK's did. We thought this left the dollar vulnerable. The first retracement of the Dollar Index's advance from July 10 comes in near 97.12. Given the light economic calendar and market positioning, we suspect that this first retracement ... (full story)
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>>>>>>>>BULL<<<<<<<<<
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hell yeah,,