US Dollar FX trader
(Action Economics) - 16-Mar-12 19:49 - The covering of long USD positions drove FX trade in N.Y. on Friday, as over the past two days, the greenback retraced virtually all its gains on the week.
Friday's U.S. data was a touch softer, though overall has kept risk taking interest at decent levels.
Earlier in the week, the surge in Treasury yields likely provided much of the impetus for buying dollars, but as Treasuries recovered some lost ground on Friday, the greenback reacted negatively.
Core CPI came in a notch lower than expectations, while industrial production data disappointed with a flat reading.
Michigan sentiment showed some softening as well, though equities remained fairly stable through the day. closing just marginally lower.
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