US Commerce Secretary Locke says that dollar weakness is a concern as it can raise the price for oil and other imports. The link between oil and the dollar bolsters the case for energy independence, he says.
By energy independence he means Unicorn-powered mass transport, not drilling for more oil and gas in the US…
EUR/USD has rallied to fresh highs in the-low 1.5030s with US concenrs, but no plans to do anything about them, just egging on the dollar bears. 1.5050 barriers are the next market hurdle.
The Fed’s Beige Book is due at the top of the hour, expected to show a recovering economy, but a tepid recovery.
