Volatility in the DXY After US Data
The US dollar has been a bit volatile after US CPI and Retail Sales data. We initially rallied a bit, breaking through 113.38, but sharply retraced back to support in the mid 112's. We appear to be equilibrating in this range, continuing the sideways correction, we anticipated earlier this month. We are in a fairly wide range, with the lower bound at 111.37 and a high above at 114.54. We expect this range to continue as the markets equilibrate and find footing after this week's data.
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