Today served as a great reminder to the market that the true pressures on the dollar are to the downside. Right now we are at the tipping point for the greenback as economic data shifts from undeniable strength to questionable resilience.
In the daily currency technicals, the euro is in a tight range, the Japanese yen protects 113.00, the British pound feels the pain, and the Swiss franc is right at resistance.
The US dollar is stronger today but the move has been primarily based upon the retracement in commodity prices rather than meaningfully strong US data.
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