Position adjustment in the foreign exchange market continued to dominate the price action. The dollar tended to trade heaviest against those currencies that speculators were short, like the euro, yen, and sterling. It tended to rise against currencies that speculators were long such as the Australian and Canadian dollar. Judging from the market's (initial) response to the inability of the US House of Representatives to agree on an alternative to the Affordable Care Act, the prospect of bringing forward tax reform may have appeased investors. We are less sanguine but recognize that the dollar's resilience ahead of the ... (full story)