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Dollar bulls splutter with Brexit drag hitting sterling
The dollar bulls have been spluttering in the early part of this week despite the apparent support of tax reform. With passing tax reform through the Senate, Donald Trump is one step closer to getting his first real tangible achievement as US President, however it is not over the line yet. The market reaction has been interesting as initial signs of dollar strength have been tentative. The yield curve in the US has not steepened as it might have done if the market truly believed in the growth (and inflation inducing) potential of tax reform. The US 10 year yield remains stuck around 2.40% and whilst this continues, ... (full story)