Wednesday, June 29, 2005

Legs

The Capital Spectator: DOES THE DOLLAR RALLY HAVE LEGS?
If the recent optimism on the dollar's fortunes extends beyond merely a technical bounce in an otherwise bearish cycle, confirmation must be forthcoming in upcoming economic reports. If today's final revision in first-quarter GDP is a sign, there is hope that the dollar rally will last beyond tomorrow's lunch break. Indeed, the economy rose by a real 3.8% in the first three months of this year, up slightly from the previous estimate of 3.7%, the Bureau of Economic Analysis reported today. That's the second time running that the final GDP number was substantially higher than the preliminary estimate.
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