Former Fed Chair and Obama adviser Paul Volcker says that dollar holdings around the world have reached uncomfortable levels and for those holding it and for those managing its stability.
That’s true, but it is sort of like complaining about the weather; it is difficult to change.
Volcker also supports keeping the Fed’s role unchanged, retaining responsibility for monetary policy and financial stability.
EUR/USD is back below the 1.4700 level, now at 1.4695. Stops are seen in the 1.4670 area and again below key support at 1.4625/30.
