Market awaits $ direction


The US dollar should gain if the US economy recovers. But the FX market is awaiting signs of this, says Steven Englander.

The dollar has traded in a relatively tight range against the euro in recent days, with most trading between $0.970 and $0.985. Relative to the extent to which equity and bond markets have moved and by which economic data has generally under-performed expectations, the tightness of the range has been extraordinary.

Three factors account for this. First, the US, euro area and

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