U.S. Dollar Bottoms after Existing Home Sales Report
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After early morning weakness plunged the Dollar toward last week’s low at 74.75, shorts began covering their positions when the U.S. reported better than expected existing home sales.
The Dollar was trading sharply lower overnight and had retraced more than 50% of last week’s rally following bearish comments over the weekend by St. Louis Fed President James Bullard who restated his case for extending the central bank’s mortgage buyback program. Bullard said, “unemployment is high, and labor markets are lagging.” This comment triggered a sell-off in the Dollar because it strongly supported the Fed’s stance that interest rates would remain low for a “prolonged period”.
Read the full article: http://forexhound.com/article/Pattern_Price_Time/Analysis/US...
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