FX Closing Comments

The Dollar had a tough day today, slipping against the other majors on portfolio shift worries from the world's central banks. There are also interest rate concerns clouding the picture with consensus forming around 5% as the likely peak for U.S. rates. With little reason for optimism regarding the current account deficit and fiscal deficit, many Dollar bulls have become cautious about the prospect of losing the Fed's steady rate support. Outside geo-political issues are also negatively affecting Dollar sentiment. Tomorrow will be a quiet day on the U.S. calendar, though much data (notably euro-zone retail sales) will be released in Europe.