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Dollar Beaten Back but Cynicism is Unwarranted
The US dollar traded higher before the weekend with the help a fairly robust jobs report. Although the jobs growth itself was somewhat disappointing, the details were constructive: More people working a longer work week and earning more. The participation rate rose, and the unemployment rate (U-3) fell. The Atlanta Fed GDPNow tracker increased to 2.2% in Q1 16 from 1.2% at the start of the week. Despite the pre-weekend gains, the greenback lost ground against all the major currencies last week. We had anticipated a stronger showing for the dollar following the BOJ surprise rate cut and the ECB's reassessment of its ... (full story)
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