Dollar's Technical Tone Improves, but No Breakout (Yet)

Dollar's Technical Tone Improves, but No Breakout (Yet)

15 May 2016, 09:57
Francis Dogbe
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The US dollar continued the recovery begun May 3 and rose against most of the major currencies over the past week. A nearly 3.5% rally in oil prices, the fifth weekly gain in the past six weeks (a $9.5 advance over the period), helped the Norwegian krone turn in a steady performance. The Canadian dollar's 0.2% decline put it in second place. With the strongest rise in US retail sales in a year, prompting the Atlanta Fed's GDP Now tracker to rise to 2.8% for Q2, many observers are linking the dollar's strength to a greater risk of Fed tightening. While we are sympathetic to the idea that the market was underestimating the likelihood ... READ MORE
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