Dollar

Most Currencies Rallying Against US Dollar

Near February lows

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The US Dollar Index tested the February lows, and is trying to turn higher, although I think the 80 level will now provide formidable resistance on the way back up. However, this level lead to a relatively strong bounce earlier this year, and recent COT (Commitment of Traders) data shows speculators net short the US dollar for the first time since early this year. The rally from early February started around the same levels and similar COT readings, so maybe history rhymes and the US dollar will at least stabilize near term. The trend for now remains clearly down until proven otherwise so I would not be too optimistic.