The US economy scored a hat-trick of good data releases in the past hour. The Philly Fed, existing home sales and Markit PMI all beat expectations (earlier initial jobless claims were also better than expected) and yet the dollar is near session lows right across the board.
If something can’t rally on good news, what’s it going to rally on?
There’s been a big bid in the bond market and I suspect real money traders are buy bonds and sell the dollar ahead of Yellen.
Update: And there goes the US dollar
