# Market awaits $direction ## MARKET NEWS The US dollar should gain if the US economy recovers. But the FX market is awaiting signs of this, says Steven Englander. The dollar has traded in a relatively tight range against the euro in recent days, with most trading between$0.970 and \$0.985. Relative to the extent to which equity and bond markets have moved and by which economic data has generally under-performed expectations, the tightness of the range has been extraordinary.

Three factors account for this. First, the US, euro area a