This put upside pressure on the dollar. The dollar was up against currencies from virtually all countries, including the euro and the Aussie dollar.
The issues: commodity inflation and a belief that the U.S. economy is strengthening.
Some traders had expected the euro to strengthen on word that the Irish parliament had passed the first in a series of votes on the budget, which meant that bailout money would be released shortly. While this is true, it was no match for the dollar's relentless climb.
Elsewhere: NYSE consolidated tape volume today was 7.4 billion shares, very heavy, but 3.2 billion of that was Citi — including 238 million shares at the close as Standard and Poor's rebalanced Citi in the S&P 500. Citi normally trades about 400 million shares a day.
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