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Is this the Price Signal We have been Waiting For?
The dollar is finding firmer booting today. It does not appear that it is in response to any fresh fundamental development. That the Slovakian Prime Minister sees a 50/50 chance of EMU collapsing is hardly the significant and matches up well with what some predictive markets see by the end of next year. The dollar rally is began at the tail end of the European session after having been under some mild pressure earlier. This strikes us as important. The most compelling explanation is that position squaring, and in the current context that means covering short dollar positions, ahead of Bernanke's much awaited Jackson ... (full story)
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