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Euro and sterling rallying against the dollar
Since the dust began to settle in the wake of Friday’s hectic Non-farm Payrolls there seems to have been a shift in sentiment for the dollar. A correction has started to come through as the euro and sterling have both begun to find some support. For now, these look to be near term moves. US bond markets were closed yesterday for Columbus Day and there has been a slight reaction lower on Treasury yields today, although as yet nothing that would point to a larger dollar correction. The sharp rise in US wage growth is still likely to e dollar supportive and a significant move against the dollar is unlikely at this ... (full story)