With GDP more or less in-line with forecasts, markets can go back to doing what they were doing, which was weakening the dollar. The buck is pretty much on its own today as commodities and stocks offer little new pressure to the risk-trade mix.
Looks like traders are rebuilding short dollar positions after being shaken out overnight on the West LB talk.
Offers remain at the 1.50 level and again at 1.5015/20, traders say. We reached 1.4989 on the latest push to the topside.
UPDATE: Traders are pinning the latest dollar weakness on a dovish report from a New York consulting firm regarding the Fed.
