Dovish Fed But Yields Rise, Helping The Greenback Recover From Yesterday's Slide

The US dollar fell to new multiyear lows against the Canadian dollar near CAD1.2365 but has rebounded in Europe above CAD1.2400.  A close above there today would boost the chances of a near-term low being in place and suggest potential back into the CAD1.2500-CAD1.2550 area.  The greenback also fell to MXN20.2830 area, its lowest level since February 20, after yesterday's large outside down-day.  However, it has rebounded to MXN20.50 and is consolidating near MXN20.40 in the European morning.  A move above the MXN20.50 area could signal a near-term low is in place, and the risk to back toward yesterday's high near MXN20.80 (UUP, UDN, FXC).  

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Read more by Marc on his site Marc to Market.

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