FX Closing Comments

The Dollar continued to lag today, with the Dollar Index closing down 48. The greenback lost most ground against the Euro, possibly in response to the ECB President's press conference. Although neither the ECB, nor the Bank of England adjusted their rates, the overall message from the ECB seems to be that rates are still likely to rise in June. Tomorrow is the major non-farm payroll release in the U.S. and the figure is expected near 175,000. A strong number over 220,000 might help revive the Dollars fortunes. If a strong number is in store, and markets are unmoved, it would be a rather ominous sign.