The Dollar gives back some gains.

The dollar gave back some of its gains yesterday as the G8 didn't come out with any type of coordinated effort to shore up the struggling currency. Combine this with crude which remains stubbornly high and the dollar will have difficulty moving considerably higher in the near term. It looks like we could be range bound for a few weeks (with this being close to the top of the range). I will be curious to see how the dollar reacts if we approach the low against the Euro. Remember in a previous post I heard that the Treasury did not want to see a further weakening of the dollar. I think if we get close the market will test the Treasury's ability to hold the dollar.

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