Thursday, April 21, 2005

Philly Fed Surprise Bullish for Dollar

http://quote.bloomberg.com/apps/news?pid=10000103&sid=anEJaU2BEfvk&refer=news_index

The consensus was for a rise to 14.5. Instead, the number was 25.3, indicating stronger than expected business climate. The dollar strengthened immediately. A surprise will do that. Others attribute the dollar's sudden strengthening to a resurfacing of the rumor that Osama Bin Laden has been captured. Take your pick. In the past hour the dollar has improved against the Euro by nearly 100 pips.

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