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China PMI is Better than Expected but the Greenback Still Rises above CNY7.23
The dollar is trading quietly against the G10 currencies as European markets remain on holiday. Narrow ranges have prevailed. The dollar-bloc currencies are leading with minor gains, perhaps helped on the margins by better-than-expected Chinese PMI, but the Scandis, which also typically do well amid a better global growth profile are the laggards. This may speak to the light liquidity conditions. Japan may have missed a tactical opportunity to intervene to knock the dollar back ahead of what may be a solid US jobs report at the end of the week. Erdogan's AK Party lost the weekend elections. The opposition CHP won 35 ... (full story)