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Wednesday, May 24, 2006

FX Closing Comments

The Dollar showed some signs of life today after existing home sales were reported firm for May. After an especially soft durable good report, the home sales figure encouraged the bulls and the Dollar Index rose 64 ticks on the day while the cash market saw Dollar gains against the other majors. The next hurdle for the Dollar will be tomorrow's existing home sales and the preliminary Q1 GDP figures. If these reports come in strong, the greenback may start to turn the tide and improve sentiment.