On the heels of news of a bailout program for Greece, the euro has rallied very sharply against the U.S. dollar (top chart), putting in a multiweek high and establishing support at a double bottom. Meanwhile, it's not just against the euro that we're seeing USD weakness: note the strong Aussie dollar (middle chart) and the recent rally in gold.
The weak dollar is supporting firm commodity prices, as we're seeing a general risk rally opening the week. The U.S. stock index futures are trading at bull market highs to start the week and we're seeing firmness in oil, copper, and gold. I will post a market indicator update before the open on Monday to review where we stand going into the fresh week.
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