The US dollar sold off against all of the majors today and justifiably so. The cards are stacking higher and higher against the greenback as we head into what is expected to be a fairly volatile week.
Addressing a news conference in Basel, Switzerland, European Central Bank President Jean Claude Trichet noted that markets have adequately absorbed higher rates on global growth.
Today was non-farm payrolls Friday but you may not necessarily know that if you were just watching the market's price action. Comparatively speaking, the dollar's reaction to the mixed non-farm payrolls report was far tamer than most traders were probably expecting.
Technical Currency Analyst Sam Shenker writes that the USD/JPY currency pair continues to trade within a large channel that dominated the price action since middle of 2005.
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