By Gareth Soloway on June 21st, 2010 12:58pm Eastern Time
The markets gapped higher today on the back of word from China that they would let the Yuan float slightly higher against the Dollar. While many would think this would cause a massive drop in the Dollar, it did not. As if this news was already factored into the Dollars recent pull back, the Dollar gapped only slightly lower. Just in the last couple hours, the Dollar has started to soar higher, the markets are getting hit to the downside, though still slightly positive. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) made a low of the day at $24.89 around 10:00am ET. Since that point, it is jumped to the highs of the day at $25.00, up $0.06 on the day. The Euro has dumped out sharply with the CurrencyShares Euro Trust (NYSE:FXE) at the lows of the day at $122.89. To get more in depth analysis, guidance, education and swing trade calls, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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