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Dollar Mixed while Stocks Slide to Begin Last Week of Q3
The US dollar is narrowly mixed. The euro, yen and Swiss franc are higher, while the dollar-bloc and sterling are softer. The moving element here is not so much the greenback, which serving more as a fulcrum, but idiosyncratic, country-level developments. The yen is the strongest of the majors. The dollar was turned back from above JPY101 and is now through the pre-weekend low near JPY100.70, is being driven be equity market losses and a belief that the shift in the BOJ's framework from targeting the monetary base to the yield curve will do nothing to stem the yen's year-long appreciation. The effort to steepen the ... (full story)