"If The Fool persists in his Folly he will become wise." - William Blake
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Respecting FX Price Action
Against the major currencies, the US dollar had a good week. It appreciated across the board, with two minor exceptions. The Swedish krona continued to recover from the slide spurred by the larger than expected 50 bp rate cut at the start of the month. A few data points, including June manufacturing PMI and June CPI were stronger than expected, and helped ease stagflation fears. The other exception was the Australian dollar, which sill managed to eke out a marginal gain after pulling back three-quarters of a cent in the last two sessions of the week to test $0.9400. The gains had been sparked RBA minutes that did not ... (full story)