The Dollar Is Getting Smoked
The US dollar is having a terrible day.
On Tuesday, US stocks are selling off following a rash of bad news this morning ranging from negative corporate earnings reports to worse-than-expected economic data.
And now, the dollar, which has been a major outperformer over the last several months, is getting crushed.
The euro rose to as high as 1.1418 against the dollar after falling to as low as 1.11 on Sunday night following the Greek elections.
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The dollar was also down to 117.42 against the yen.
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And after a huge rally against the Canadian dollar last week, the dollar was giving up some of these gains on the loonie.
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And here's the huge rally the dollar has seen over the last six months, breaking out of a 30-year downtrend. And while consensus is that the dollar is going higher still, a risk-off day in the market like Tuesday is seeing this rally take a big of a pause.
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