The dollar has come a long way in just a week’s time. Through the second half of this past week, the dollar was starting to find its footing in what looks to be a tentative recovery. Yet, doubt over whether this is a true, bullish reversal should be preserved considering we had similar speculative hopes dashed just a week before when a sharp rally for the dollar and the long-awaited channel break from the S&P 500 were subsequently reversed after the weekend. What led the greenback to gain ground this past week is what we need to establish. The deeper the fundamental roots to this effort, the more probable carry through will be on a true bull phase. That said, without a solid foundation, the benchmark currency could be up for another swift tumble.
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