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Dollar rebound says more about Europe than U.S.
Is the dollar about to move up in weight class? Only two weeks ago, I wrote a column with the following headline: "The dollar: 98-pound weakling of currencies." At the time, the greenback was trading at about $1.46 versus the euro. By the middle of last week, the euro climbed as high as $1.49 -- only about 7% below its all-time high against the dollar. But in the past few days, the dollar has made a stunning comeback. It's looked more like Manny Pacquaio on Saturday night than "Sugar" Shane Mosely. To mix sports metaphors, it's come blazing out of nowhere much like Animal Kingdom did in the Kentucky Derby. The ... (full story)