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And so, after the European and early U.S. price action, the long and dreary Wall Street forex session gets underway. The pull on valuations from the world's largest equity, commodity, futures, and option market means that the U.S. session invariably has a tough time in moving forex valuations too far.

There are so many things going on that fair value on the dollar is being sought from four sources, rather than one when Asian and European markets are trading. With that said, there may be a chance of a reversal in equity fortunes, because all of the bad news and negative moves have already been priced into the S&P futures markets. It may be easier to bounce higher from these levels than it will be to make another leg lower.

Whatever the outcome we have absolutely no doubt at all that one thing is driving the dollar value right now, and that is global equity valuations.