The recent dollar's leg up was sparked by the divergence of the disappointing flash EMU PMI and the surge in March US retail sales on April 18. By the time the US reported Q1 GDP on April 26, the market had already discounted the rebound in the US economy. After pushing back, the dollar again went bid ahead of the jobs data and again, rather than rally on the strong gain in employment, it reversed lower. The US dollar is in a correction phase. It was unable to sustain let alone extend its rally despite better than expected data. The correction will likely dominate the price action in the coming days. Dollar Index: ... (full story)