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Dollar Remains Bid

Friday, June 12, 2015 5:19
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(Before It's News)

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marctomarket.com / by Marc Chandler / June 12, 2015

The US dollar is set to close the week on a strong note.  The relatively constructive data is boosting confidence that the Federal Reserve will have the opportunity it  has been looking for to begin, however gradual, the normalization of monetary policy.  At the same time, the Greece impasse remains, and German Chancellor Merkel has weighed in suggesting that too strong of a euro impedes reforms in Spain and Ireland.   This of course less to fresh selling.
However, we would not be surprised to see Merkel’s comments later clarified.  It is unusual for the Chancellor to make such pointed remarks.  Note that the week began off with comments about the dollar that were attributed to Obama.  It was later denied by the White House and then by Obama himself.  The it was BOJ’s Kuroda who talked about the yen’s weakness in real effective terms.  Other Japanese officials tried to clarify, temper and soften what Kuroda appeared to have said.
The market was already taking the euro lower before Merkel’s comment hit the news wires. They continued to do so in response.  The euro near $1.1150 before finding a bid.  The week’s low was set on Monday near $1.1080 and that represents the next target, though better support is seen near the post-employment report low near $1.1050.

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Source: http://silveristhenew.com/2015/06/12/dollar-remains-bid/

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