In overnight trading, the magnitude of the ‘mighty’ dollar’s demise can be highlighted by the recent movements of the pound. In European mid-morning trading, sterling climbed to its highest level for this year outright, again putting the pound (£1.4760) briefly back into positive territory against the greenback for the year. Sterling was up by as much as +0.70%, before weak PMI (49.2 vs. 51.3) data caused sterling to pare some of its earlier gains. The dollar is weaker across the board, by around -0.65% against the EUR (€1.1591) and -0.5% against the yen (¥105.75). Expect dealers debating of when and where the Bank ... (full story)