Here is the weekly chart of the Euro...
There is support near 1.3250. If that were to fail, it could easily lose another full point.
We might see some volatility when the FOMC minutes hit the wires later today.
The weekly trend however is down.
And now the Chart of the Dollar:
The weekly trend is higher. It has some light resistance near 82.50 with stronger resistance just shy of the 83 level.
Unless we get some sort of surprise out of the FOMC minutes or Yellen's testimony this coming Friday, it seems that the most likely price action in the Dollar is more of a steady grind higher. I do not see anything on the chart which might be suggestive of a sharp surge higher. That could change however if the market believes that higher rates are coming here in the US sooner rather than later. I for one would be surprised to see such a line of thinking but one never knows.
Suffice it to say for now, a stronger Dollar is not conducive to rising commodity prices in general.
Along that line, the GSCI moved higher earlier in the session on the back of higher crude oil prices but has now surrendered most of those early gains as crude fades somewhat and as grains and livestock work lower.
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