Forex Robot: Action Insight Mid-Day Report 3-29-11

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Mid-Day Report: Dollar Recovers on Bullard's Comment, Yen Broadly Lower

Dollar is firmer today as again lifted by hawkish comments from St. Louis Fed Bullard. Bullard said that normalization of monetary policy will be a key issue for Fed this year but Fed "may not be willing or able to wait until all global uncertainties are resolved to begin normalizing policy." And, while normalization begins, Fed would still leave "unprecedented policy accommodation on the table." This is in contrast to comments from Chicago Fed Evans, who noted that completion of the USD 600b QE2 program in June is "just about the right number" and suggested Fed will "continue to have a high amount of accommodation" after that. Also, the greenback is supported as this week's retreat in crude oil and gold continues.

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