With the US dollar still relatively weak against the majors, there are concerns that import price inflation will rise significantly.

The US dollar hit a record low against the euro this morning and came within striking distance of 100 against the Japanese yen.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for April 10.

The financial media and experts are placing bets that the Fed will choose to cut rates again next month, as the economy has yet to reach its final bottom.

Although there was no meaningful US economic data released, the move in the dollar represents the pressure that the market expects to fall upon the greenback over the next 24 hours. The European Central Bank and the Bank of England have monetary policy announcements.

On Thursday, the Bank of England is widely expected to cut rates by 25bps to 5.00 percent, as tight credit conditions and a crumbling UK housing sector may prove to be frighteningly similar to the US.

Conditions in the UK housing and credit markets have steadily gone from bad to worse, and are becoming eerily reminiscent of the beginning of the collapse of the US housing sector.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for April 9.

The Elliott Oscillator confirmed the wave 3 low by printing a new momentum low int he US dollar-Japanese yen currency pair.

Many people think the feds have done it.  By aggressively cutting rates and pushing money out to the banks, they've turned it around.  But what does it mean, anyway?