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Dollar Down But Up From Lows

All things considered, the dollar fared not too badly today, though remains at the mercy of the equity market. Stocks traded all over the map through the session, and the dollar, for the most part, followed almost tick for tick. The mainly WorldCom related overnight dollar sell off ran out of steam during NY trade, EUR-USD unable to breach European highs. Stops are noted into the 0.9950 region, but there has been talk of ongoing real money offers into the level. USD-JPY managed to return to the 120.00 region, spec shorts wary of the BoJ below 119.00 seen covering through the day. Elsewhere, AUD-USD had a wild ride as well. Widespread fund and CTA selling was reported early on, long positions being dumped in heavy volume. One US name was reported to have sold in excess of a yard of Aussie. USD-CAD recovered from overnight lows, but stalled out over 1.5200 as offers returned. IMM names provided support into the 1.5160 level. The Fed's decision to leave rates (and bias) on hold came as no surprise, the result having little impact on the markets. On the data front, nothing but Q1 final GDP tomorrow, so the dollar will in all likelihood hook its wagon to the stock market again.

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