Greenback Breakout?

December 9, 2009 9:15am by Barry Ritholtz

Is the Dollar finding a bottom? If you think the its 50-day moving average is significant, well then the answer is yes.

The WSJ’s Ahead of the Tape looks more closely at the question:

“U.S. Dollar Index, which tracks the greenback’s performance against a basket of currencies, closed on Tuesday at its highest level since early November. The euro ended below $1.48 in New York trading for the first time in more than a month.

The dollar has closed above its 50-day moving average for three consecutive days for the first time since March, when it was still the globe’s safe-haven currency. Such technical indicators can mislead, but this suggests the buck has upward momentum, at least for the short term.”

Source:
Dollar Strength Seems More Than a Mirage
MARK GONGLOFF
WSJ, DECEMBER 9, 2009
http://online.wsj.com/article/SB10001424052748704825504574584373807356320.html

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