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Dollar: Now What?
The US dollar turned in a mixed performance last week. Firmer oil and commodity prices more generally helped lift the Australian and Canadian dollars, and many emerging market currencies. These currencies initially extended their gains ahead of the weekend in response to the Bank of Japan's surprise 20 bp cut on some excess reserves ( to -10 bp). The yen lost 2.25% on the week, its biggest weekly decline since the BOJ's surprise expansion of its Qualitative and Quantitative Easing in October 2014. The Swiss franc was the second worst performer of the majors, losing 0.75% on the week. It fell to its lowest level ... (full story)