November 18, 2009

Dollar Manages to Hold on to Gains

The U.S. Dollar managed to close higher today despite late session attempts in New York to erase earlier gains. This is strong evidence that most of today’s rally was due to

short-covering rather than fresh buying. Comments from ECB President Trichet were supposed to show support for Bernanke’s comments from yesterday, but actually helped ignite the rally in the

Technically, the Dollar is oversold on the daily chart. This …