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Friday, September 22, 2006

There Is No U.S. Data Today...

There is no U.S. data today, though the Dollar remains under pressure on fears of a general slowdown. The prevailing logic, which is also the view espoused by the Fed, is that an industrial slowdown is in the works, helped significantly by a sharp pullback in the housing sector. For the Dollar, this implies that the current 5.25% is the peak, and that rate support is likely to fall-off in the medium term. The Dollar story, however, may not be entirely doom and gloom, because with currencies, the equation is always how strong one currency is relative to another. Read More....