The dollar is on something of a tear again this morning as investors binging on equities to start the year rolling in ebullient fashion are faced with a swift reversal according to pre-market indications. However, the chorus of support for an improving and indeed accelerating U.S. economy continues to be heard. The difficulty is in knowing which side to fall down on. One could argue that a recovery should lift risk appetite around the globe with investors grasping at the higher-hanging fruits. That has certainly been a dominant theme recently. Alternatively, once could take the Federal Reserve’s line that despite the bump in growth it’s too early to sound an economic all-clear, keeping the dollar supported as certain facets of the global economy are left with a hard-to-shake-hangover.
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