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Dollar Rally Fizzles Despite Strong Data
Stronger than expected U.S. data helped the greenback shake off its initial weakness to end the New York trading session much closer to its highs than lows. The dollar did not manage to turn positive against the euro, sterling and the commodity currencies but it enjoyed some gains versus the Japanese Yen and Swiss Franc. The dollar should actually be trading much higher given the unexpected strength of the non-manufacturing ISM report. Service sector activity grew at its fastest pace in 13 years as Hurricane Harvey caused a sudden slowdown in supplier delivery times. Most importantly, the employment component of the ... (full story)