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Bookmark this on Delicious Euro: The euro is higher against the dollar today after a news report said China is interested in buying bailout bonds for Portugal. The Euro Zone common currency's resilience to hold above $1.40 and its 100-day moving average just below there also forced some investors to close short positions.
U.S. Dollar: Comments from Minneapolis Fed President Kocherlakota Wednesday failed to strike any chords of inspiration with dollar bulls. Repeating potential commencement of monetary tightening before the year in the event that the end of quantitative easing delivers its desired objectives. Perhaps economists have a hard time believing that his hope doesn’t jive with the still-lofty projection of 8.5% for year-end unemployment. The dollar index remains lower after an increase of 10,000 in initial claims data to 424,000 this morning and has fallen almost 0.5% to 75.58 having reached 76.27 midweek. A second round reading of first quarter GDP failed to improve on an earlier 1.8% pace of growth in the three months ending March.
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