Michigan was a touch below consensus. The dollar may pull back a little, especially against interest-rate-sensitive currencies.
More Quotes from Daniel Katzive:
The better tone in global equity markets as crude prices moderate a bit has helped ease risk aversion concerns, to the dollar's benefit.Daniel Katzive
There's more to the dollar weakness this week than just an adjustment in interest rates.
Daniel Katzive
The dollar needs a good global growth backdrop to remain well supported.
Daniel Katzive
We see strength in energy-related flows into the country, which underpins the Canadian dollar.
Daniel Katzive
Short term, it is good to buy the currency on dips.
Daniel Katzive
I think the break of the big level last week ... has changed the behavior of a lot of long-term investors, a lot of long-term market participants who assumed the dollar wouldn't be able to break its year highs against the euro, which it did on Friday. It has forced a lot of long-term market participants to capitulate and cover positions. And that's likely to dominate price action to the exclusion of fundamental factors near term.
Daniel Katzive
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