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The Currency Narrative Has Changed On A Dime
What could the difference of a couple of quarters make to the overall year’s scorecard? Well, a ton, if you are sitting in the currency markets. chart Only a handful of currencies had managed to eke out a gain against the dollar in the first half: table But the recent months have been a different story, with just about everything rallying against the dollar - skewing the narrative for the whole of 2023. table While the yen is still in losses for the year, it has clawed its way back impressively and may do better in 2024: The yen is running up and away yet again, a familiar sight for much of this quarter. It ... (full story)