Thursday, May 5, 2011

$USD

Please go back and read this post from Tuesday when you have a minute 

In a nutshell, accumulation in the dollar was underway as of that post. Take a look at the dollar today via UUP

The FOMC's last policy statement should have sent the dollar lower. Again, the April 28th date comes up in the analysis posted above.

Granted, there's been some bad news out of Europe this morning, specifically German manufacturing, the ECB and Bank of England kept rates unchanged as there are signs of a fading recovery in England and for the ECB, Germany. Also the True Finns have spoken out saying that Greece WILL default, we already know that they have veto power over the Portuguese bailout so there's certainly pressure on the Euro and that accounts for half of the Dollar index, but the signs of something stirring in the dollar went back to last Thursday-something shifted very quickly last week.

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