Dollar Soft, but Rangebound
NEW YORK (BBH FX Strategy) -- The U.S. dollar is paring back some of its recent gains but continues to trade in tight ranges.
The euro has recovered but stalled out just ahead of 1.33, a key level of resistance. A break of this level would likely open up a move toward 1.350, but we expect economic weakness in the euro zone and concerns about Spain to remain headwinds for the euro. For now, we remain in a 1.30-to-1.33 range.
The Australian dollar is flat near 1.04, after declining for three consecutive days. The yen is also flat on the day, after rallying nearly 1% over the past five days.
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