The Dollar tumbled Tuesday falling just south of 74.30 on the DXY. The Kiwi was the big winner advancing 1.38% followed by the Pound at 1.03%. Meanwhile the JPY was the only major to lose ground to the Greenback as an emergency meeting of finance minister in Japan was convened to discuss the JPY's continued strength.
The Dollar slide was triggered by a wave of positive economic data releases. On the home front, contracts to purchased existing homes jumped 3.7% unexpectedly. ISM figures remained above the critical 50 level. Couple the data releases with positive Black Friday and weekend sales as well as Dubai shoring up its debt facility payments and we had the ingredients for a massive Global Equity Market rally. It will be a quiet Wednesday for economic releases.
Oil finished the day up just over a dollar a barrel to 78.37. Gold closed at 1,196.60 up $20 from the day before. In intra-day trading Gold broke 1,200 before retracing, although futures are pointing up this morning so 1,200 should be no barrier today.
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