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The US dollar has many fundamental reasons to pull back, including: the White House’s auto bailout that may help to boost risk sentiment, the Federal Reserve’s aggressive rate cut last week, and the prospect of quantitative easing that could drive long-term interest rates lower. However, over the next week, the big question is: what sort of price action will we see? With the Christmas holiday looming on December 25, many of the world’s financial markets will close and trading volumes will fall dramatically. Thin markets have a tendency to result in either very choppy or very quiet price action. Given the volatility seen recently, there’s a greater risk that these sorts of trends will continue, but they may ultimately leave the US dollar consolidating above its recent lows within wide ranges.
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