The late session drop from crude yesterday in response to a surprise tightening of the Fed’s monetary policy proved temporary (just as it was for the US dollar). Broad-based risk appetite recovered its footing and developed reasonable momentum, lifting the trader-friendly commodity to a five-week high while simultaneously keeping within the general channel that has defined price action since the February 5th reversal.

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Multiple currencies have turned from sentiment extremes, which warns of dollar weakness going forward.

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A back and forth week left the US dollar mixed against its rivals (although the US dollar index ended up slightly). The greenback was exceptionally strong against the Yen; but 11 month trendline resistance is just above 9200 next week.

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The Fed’s surprise discount rate hike briefly dampened a week-long equity market rally, but a lower NY open has brought in bids. Fed governors Bullard and Lockhart both spoke last night in an attempt to shape expectations reminding everyone that the ……
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Several Euro crosses are approaching or have reached long term support. The Yen crosses continue to march higher, albeit in corrective fashion.

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