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Dollar Shows Signs of Life
The US employment data underscores the resilience of the US economy. Given the Fed's commitment to the Phillip's Curve, the robust jobs growth is sufficient to keep the faith that inflation will rise over time. Yellen can be expected to underscore this in her semi-annual testimony to Congress in the week ahead. The threat that the Bank of England can move more accommodation that it preemptively provided after last year's referendum has been undermined by poor economic data. The ECB appears to be preparing investors for a further adjustment of its risk assessment and a reduction of its asset purchases as they are ... (full story)