The U.S. dollar traded higher against most of the major currencies today after Federal Reserve Vice Chairman Richard Clarida said he backed gradual rate hikes with an eventual move towards neutral rates. Although he also admitted that they don’t really know where the neutral level is and expressed concern about lower inflation expectations, investors were singularly focused on the talk of more rate hikes. They ignored his concerns about capital expenditure as well as Fed President Bullard’s warnings about slower growth over the next 2 years. With that in mind, today’s U.S. economic reports did help the greenback. ... (full story)