The US dollar rose against most of the major currencies last week, with the Australian and New Zealand dollars were the main exceptions. The greenback was whipsawed over the last two sessions. First, it sold off hard when the market confused the case of a preemptive move with a larger cut. Then it rebounded as the investors' views were corrected. The unusual step by the NY Fed to clarify and set the market straight reinforces our conviction that the only a quarter-point cut is delivered. Still, there is much wood to chop before getting to the conclusion of the FOMC meeting on July 31. Our general bias is for a ... (full story)