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Dollar Upticks Fragile Without Interest Rate Support
The US dollar edged higher against most of the major currencies over the past week. However, the fundamental backing is still not solid, and it makes as wary of these upticks, even though we think a bottom is being carved. Specifically, the US interest rates still not finding much traction, and President Trump's legislative agenda still is encountering significant resistance within the Republican Party. Since the end of April, the Dollar Index has alternated between advancing and declining weeks. We suspect the pattern will continue next week. After this week's upticks, it means a setback. Over most of this period ... (full story)