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.
According to 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.
>> Stocks Up as Market Anticipates Jobs Data
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