Forex Daily Outlook November 17, 2009

Comments from Federal Reserve Chairman Bernanke initially sent the dollar to test the 1.4880 level, but the market quickly determined that this was yet more of the same, words that arent going to be backed up by action/policy, and dollar bulls quickly gave up. U.S. Retail Sales data overnight proved that the real recovery isnt so strong, core retail sales (ex-autos) only increased by .2%, half of what was expected, and much worse than the 1.4% gain with the autos included. We will most likely see another run towards 1.5050 as dollar bears are once again on the prowl.

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