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US Dollar Stabilizes Ahead of the Weekend
Long US dollar positions were pared yesterday as rates unwound the gains scored in the wake of the Bank of Canada's surprise hike on Wednesday. It is consolidating today as the market looks toward next week’s central bank meetings (FOMC, ECB, and BOJ) and a flurry of data. It is also possible that China shaves the benchmark one-year medium-term lending facility rate. Broadly speaking the greenback is still tracking rates, and the more than 4% initial drop in the price of July WTI (to $69 before rebounding to ~$71) helped knock US yields down from the upper end of their ranges. Rather than demand factors, it was the ... (full story)
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