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The Mixed Performance Makes it Difficult to Talk about The US Dollar
Sometimes the dollar is the key mover, but sometimes, like today, it seems to be the fulcrum, reflecting disparate moves among other currencies. While the euro is at two-month highs, the yen is near two-month lows. The euro is bouncing off two-month lows and the 100-day moving average against sterling. Most emerging market currencies are advancing against the dollar today. Of note, the Hong Kong dollar's 0.4% rally is the largest in 15-year. There are several developments today, and not all of them are reflected in the prices. For example, the flash PMI for the eurozone was softer than expected. The composite reading ... (full story)