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The gap lower on the Japanese Nikkei sent the dollar higher, but did little to the S&P futures market, and signaled that the long-dollar moves may not last through to the European open. The major pairs are oversold in the near-term, and will only now be able to get lower with the aid of S&P futures markets dropping below the current 918.00 area.

Ahead of an important European economic calendar, and then U.S. Building Permits and PPI, it may not be that the dollar easily holds the recently stolen ground against the majors.