FX Closing Comments

The Euro, Pound, and Yen managed to keep their earlier gains against the Dollar today, as interest rate issues came to the fore. A slew of soft data began the U.S. session, calling to question how much higher the Fed would raise rates. Although most expect the federal funds rate to be increased to 4.75%, the situation gets murkier for the jump to 5%. The main concern remains housing softness, which received validation today, as existing home sales were down 2.8%. The ECB, alternatively, is widely expected to raise rates this week to 2.5%.

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