Weekly Forex Market Commentary
The dollar kept its own last week in spite of a widely expected 50-basis point rate cut in the Fed funds futures, and possibly even 75 basis points, at the end of the month. Meanwhile, all eyes had been on the White House fiscal stimulus proposal, which was endorsed by Federal Reserve Chairman Bernanke; but the equity markets dismissed it as insufficient. When the dust settled, the dollar was up against all the higher-yielded currencies and down versus the low-yield yen and franc. Expect more of the same this week.
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