Wednesday, April 30, 2003

11:15AM Dollar crumbles as Greenspan keeps options open : The buck is really breaking down. The Dollar Index (DXY) has broken through support and is looking very vulnerable. Currently sitting at 97.41 and a weekly close below 97.62 would increase the risk that the March/April recovery has failed to produce a bullish reversal. With Greenspan seemingly open to another possible ease in interest rates, the Dollar will likely continue its fall. After all, a 50 basis point cut in Fed Funds puts us in sub-1% territory

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