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Near-Term FX Views and More
The US dollar extended its gains against all the major currencies and most emerging market currencies over the past week. The ECB's asset purchase program was a key driver, but the euro, though it fell a little more than 5.5 cents from the mid-week high to Friday's low, was not the weakest of the majors. That distinction goes to the dollar bloc. The New Zealand dollar lost 4%., encouraged by a soft inflation report. Next week central bank meeting will likely drive home the point that the tightening cycle is over. We suspect the next move will be a cut. The Australian dollar shed 3.6%. Expectations for a rate cut as ... (full story)