Dollar sees largest one day slide in four years

US Dollar

On the first day of official trading in 2006, the dollar has weakened significantly against the majors, with the dollar index seeing its largest one day decline since September 11, 2001. Given that a new year long uptrend began on the first trading day of last year, we wonder if today's breakout move would be indicative of a new trend that may be emerging this year.

So far, the cards are stacking higher against the dollar, but with a busy week ahead and Greenspan bowing out at the end of this month, it remains to be seen if the current downside momentum can be sustained.

Continues......

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