* The dollar rose against most major currencies on Friday as risk appetite moderated and stocks fell. US industrial production rose strongly, but consumer sentiment declined modestly. The S&P 500 index fell 8.88 points to 1,087.68 on disappointing earnings announcements from Bank of America and GE. The yen fell for a second day. The euro declined for the first time this week; eurozone exports dropped the most in seven months and EU officials expressed concerns over the euro’s strength and the dollar’s weakness. Sterling gained for a second day against the dollar and in cross trades, supported by speculation the Bank of England may pause its quantitative easing policy. The overbought Australian and Canadian dollars fell despite higher commodity prices.
* After falling to a 14-month low and breaking the important 76-area support earlier in the week, the dollar index rose for the first time today. Negatively correlated with the equity market, the dollar is oversold and the stock market overbought. If the stock market consolidates gains next week, the dollar may get some support from risk aversion. A close above 78 would significantly improve the technical outlook for the dollar.
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