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Ugly Equities and a Range Bound US Dollar
The major central banks have met, and not one felt it incumbent upon them to take fresh policy action. Despite some dramatic intraday swings and close scrutiny, the euro-dollar exchange rate continues to be mainly in a $1.17-$1.19 trading range that has dominated since the end of July. All the brouhaha about the rapid rise of the euro misses that it has been moving sideways for nearly two months. With all the attention commentary on the euro, it was the yen, whose 1.6% gain last week, led the majors. It arguably was a cleaner way to express a bearish dollar view. The dollar broke below JPY105 in the middle of last ... (full story)
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