The Dollar Remained Firm Yesterday

The Dollar remained firm yesterday, with potentially hawkish data and retreating Crude prices proving a helpful combination. The inflationary data came in the form of unit labor costs. Aside from climbing to a much higher-than-expected 4.9% in the 2 nd quarter, the Q1 figure was revised to an amazing 9%, from a previously reported 2.5%. Naturally the big jump will raise eyebrows at the Fed, but the large revision may also call into question the reliability of the data. Crude futures dropping another $1 and driving south of $70, to $67.50, may have also assisted the greenback. Read More....