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The Greenback does Not Look Ready to Break Down Quite Yet
The US dollar had a tough week, falling against all the major and most emerging markets currencies. The weakness came in the face of higher US yields and a wider premium over most other high-income countries. The US 10-year yield almost 10 bp, the most in a couple of months to settle around 0.84%, after reaching the highest level since early June. It did not seem so much like a risk-on/off story. Equities slipped lower, and the S&P 500 snapped a three-week advance. Europe's Dow Jones Stoxx 600 fell almost 1% last week and that was after a nearly 1% advance before the weekend to snap a four-day fall. The UK-EU ... (full story)