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Euro - How Much Further Can it Fall?
After a one day reprieve, investors returned to buying U.S. dollars. The greenback is on a tear today, rising to fresh 1 year highs against euro, sterling, the Australian and New Zealand dollars. The commodity currencies extended even further with AUD/USD falling to its lowest level since January 2017 while NZD/USD to its lowest since February 2016. The gains in the greenback can’t be entirely attributed to risk aversion because U.S. stocks rose today and Treasury yields moved slightly higher. U.S. import and export prices were underwhelming and data from Europe was decent. The Turkish Lira is also off its lows, so ... (full story)