-
US Dollar Pulled Back in Europe. New Buying Opportunity?
The dollar initially extended yesterday's North American recovery but unwound most of the gains in the European morning. As North American dealers return, the greenback is lower against most of the G10 currencies. After approaching levels believed to have been where the BOJ last intervened, profit-taking pushed the dollar back to a marginal new low for the week (~JPY156.55). The yen's recovery arguably helped the Chinese yuan rise for the first time since May 15. The euro held important support near $1.0785 and sterling did the same near $1.2675. Still, the currencies' recovery in Europe stretched intraday momentum ... (full story)