[iForex]

Why does the dollar refuse to sell off on any sustained basis?

Because it’s so much worse in so many other areas across the globe. The EU economy is projected to contract 4% this year, much worse than the USA, and the leading economic institutes in Germany see a 6% slide for the country, which would be the worst since 1931. The UK just announced plans to hike top marginal tax rates to 50% from 40% and the government is now calling for a 3.5% GDP contraction
this year. Ouch. Japan just recorded its first annual trade deficit ($7 bln) since 1980 (although the YoY export trend “improved’ in March from the -49.4% detonation in February, let’s just say that -45.6% doesn’t really classify as a candidate for the ‘green shoots’ awards.