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Dismal Dollar Wins By Default

The dollar is being supported by global growth concerns. Weaker industrial production in Europe and Asian should keep the currency better bid until next week.

Every Central Banker has mentioned that lower fuel prices is the key for the market’s outlook for a recovery over the next several months, yet oil prices have risen to essentially a one-month high this week. OPEC’s most contentious meeting in two-decades has done little to alleviate any pressures. With no new supply agreed upon, it will provide for a tight market.

There has been some positives, but not enough to persuade investors to cease selling risk currencies and the EUR overnight. The Greek cabinet has approved its new fiscal austerity package, certainly will not end up being a crowd pleaser, and Chinese import growth in May was surprisingly strong.

The market is tired, jaded and bruised. Momentum will round off the week a trade winner.

The US$ is stronger in the O/N trading session. Currently, it is higher against 12 of the 16 most actively traded currencies in a ‘subdued’ session.

The Swiss Franc is probably the only safe haven currency left.