U.S. Dollar Index Halts Three-Day Advance, Major Trends Remain In Tact

The near-term correction in the greenback was certainly short-lived as the 244K rise in U.S. Non-Farm Payrolls spurred a rebound in market sentiment, and the dollar is likely to further retrace the advance from earlier this week as risk trends continue to dictate price action in the foreign exchange market.

USD Halts Its Rapid Decline

The U.S. dollar managed to halt its rapid decline over the past few days, even in light of this morning’s poor U.S. 1Q GDP reading (1.8% vs. expected 2.0%). March U.S. Pending home sales turned sentiment round a bit coming in at 5.1% MoM versus a 1.5% consensus. Price action