The dollar temporarily broke out of its downward spiral for part of the past week, but still ended the week lower. It lost 0.3 percent against the euro at $1.4766. At the same time, gold continued its record move, adding 2 percent to $1116.70 per troy ounce. Oil was down 1.4 percent on the week to $76.35 per barrel.
Brusuelas said Monday could be an important day for the dollar. "I expect Bernanke might take an opportunity to bolster the dollar," he said, noting Bernanke had made veiled references to the dollar before.
"By saying there's a 'clear and credible commitment to deal with fiscal issues' is one way to support the dollar," he said.
"What I see is Bernanke may even attempt to provide a little bit of political cover for Obama on a critical portion of his trip. The president has a trade agenda and he intends to push that in Asia, but that risks being hijacked over concerns about the dollar and the peg of the yuan from regional competitors that are afraid to criticize the Chinese," he said.
The U.S. and Asian exporters complain that China has an unfair export advantage because of the dollar peg.
"The Chinese fiscal stimulus has pulled regional economies out of recession, but at the same time those same countries are afraid to criticize Chine's peg to the dollar," he said, adding those countries have used the Asian Pacific Economic Cooperative meeting as a way to get their message out. APEC finance ministers this past week issued a statement saying they endorsed more exchange rate flexibility that would be "market-oriented."
Currency strategists say they now expect to see some level of appreciation in the yuan.
Retailers are the big earnings story in the coming week, but Dell also reports on Thursday.
Among chain stores—Dillards, Pacific Sunwear and Lowe's —report Monday. On Tuesday, Home Depot , Saks, Target and TJX report. BJ's Wholesale Club, Chico's, Hot Topic, Gymboree, Petsmart, and Limited Brands report Wednesday. Thursday's releases include Sears , Williams Sonoma, Foot Locker, Casual Male, Dick's Sporting Goods and Gap . Ann Taylor reports Friday.
What Else to Watch
The American Heart Association annual meeting gets underway in Orlando this weekend.
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