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Commodity Currencies

King Dollar

USD has been trading firmly over the last European session of the week so far, extending gains from yesterday in reaction to better than expected US data as both building permits and continuing claims saw positive surprises. Looking ahead to the final US session of the week today, we have the University of Michigan confidence reading for May. This is expected to come in stronger than the prior month. If we see an inline or better than expected reading that should keep USD well bid over the rest of the day with little else in the way of market-moving data today. The index is back above the 97.68 level to end the week.

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EUR Weakens Further

EURUSD is trading lower again today, marking a week of straight losses as a resurgent US dollar has kept the single currency pressured. Weak euro zone data this week has refocused concerns around the health of the eurozone economy, adding further pressure, to se...

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