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US Dollar's Recent Gains Pared but Firm Undertone Remains Intact
After surging at the last week, the dollar consolidated yesterday and is continuing to do so today as slightly lower levels. The Swiss franc is the only G10 currency unable to gain traction against the greenback today. Still, the dollar's pullback has barely met the minimum retracement targets of the jump last Thursday and Friday. The PBOC lower the dollar's fix slightly, but the proverbial toothpaste is out of the tube and officials are struggling to reestablish order. Against the offshore yuan, the dollar remains outside of its 2% onshore band. The Hungarian forint is the strongest of the emerging market currencies ... (full story)