Beige Book due at 1900 GMT (2 pm ET)
The US dollar is in dire straits lately. It's sold day after day and bounces fade within hours.
The next change for the dollar bulls to make a stand will be at the top of the hour with the release of the Beige Book. It's the monthly anecdotal guide to how the economy is doing.
The market is sleeping on this release but my guess is that we're going to see a lot of optimism. There is definitely a lot of hope in the air and with the tax cut, I expect that to be reflected in this release.
In general, the market doesn't react much to the Fed, especially when we're a couple months away from a meaningful FOMC decision, but today could be an exception.
The again, as I watch cable explode to 1.3930, it's looking like a tough day to break the dollar's momentum.
