The dollar is finishing the week lower against other major currencies, after a nervous and choppy week of trading. Throughout the week, the USD (in US Dollar index terms) was mostly steady amid the turmoil, and the weakness all came on Friday in the aftermath of weaker than expected July NFP jobs gains and ISM non-manufacturing readings. But the dollar was mostly a sideshow to the on-going uncertainty and disarray in the credit markets, which kept equity markets nervous and off balance. The DJIA looks set to close on new lows for this move down, while the broader S&P looks set to go out on four month lows.  Full text »

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Filed under: Weekly Strategy