The US dollar soared against the major currencies, for the fourth straight day and is coming close to erasing all of the losses that it has incurred over the past two weeks.
Currency strategist Todd Gordon writes that the EUR/USD has some interesting daily chart developments indicating the market has fallen into a 5-to-6 day rhythm, while contained in these ranges.
Today, the World Trade Organization warned the US against shooting themselves in the foot by exercising too much protectionism. The report was written before the UAE Ports deal and likely relates to the failed bid by China to purchase Unocal last July.
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