US Dollar bears controlled the sentiment in Foreign Exchange markets today. Euro, Australian $ and New Zealand $ made new highs for the year. Aside from being extremely oversold, there is not much standing in the way of further Dollar shorts. Australian $ is now only about 6 cents away from its all-time high against the US$ established last summer. New Zealand $ is in exactly the same position fast approaching it’s previous all-time high. On the back of continued US$ weakness, oil prices touched $82 today.
Meanwhile, the US$ Index touched a new low for the year at 74.94.