The major feature of the foreign exchange market in recent days has been the resilience of the foreign currencies, despite a stream of poor news. As noted in last week's review of the Commitment of Traders, technical considerations struck us as more supportive for the major foreign currencies than the macro-economic backdrop. The latest Commitment of Traders report covers the week through April 24. Given the further subsequent advance by the foreign currencies against the dollar in the spot market, we suspect that the next report will show the continuation of what is evident in this week's report. The single most ... (full story)