Low Yen Bolsters Commodity Currencies
Gaffney thinks the massive repatriation of the Japanese yen that drove the currency higher after the earthquake and tsunami seems to be over.
The U.S. dollar was flat against the a basket of major currencies Tuesday following the release of dampening lackluster economic data.
The S&P Case-Shiller 20-city home price index showed a slightly milder-than-expected decrease of 3.1% in January, after a decline of 2.43% in December.
Briefing.com, economists were expecting a drop of 3.5% in January. The Conference Board said consumer confidence fell to a reading of 63.4 in March, which was lower than the reading of 65 that economists had been expecting, and far weaker than February's level of 72.
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