Into the final week before Christmas holiday season and after such a strong reaction in the wake of the FOMC the dollar bull run is seeing a little profit taking today. However this is unlikely to turn into anything more significant than simply another chance to buy the dollar as the charts are not suggesting this minor profit taking will impact too greatly. Treasury yields are marginally lower and this has driven a dollar consolidation with the trade weighted dollar index back from Thursday’s post-FOMC high of 103.6 to 102.6. There is room for a correction back towards 102 area however further dollar strength is expected in due course. Equities are likely to see subdued volumes this week and considering the huge run higher of the past few weeks, perhaps a bit of caution to end the year should not be unexpected.
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