Beware of the False Break

From marctomarket.com

The US dollar had a tough week. It fell against all the major currencies and most of the emerging market currencies. The major currencies remained within well-worn ranges. The JP Morgan Emerging Market Currency Index rose by around 1%, for its third weekly gain. It is at its best level in eight months. The Bannockburn World Currency Index rose by more than 0.5% to new two-year highs. Equities were generally higher, and benchmark 10-year yields were mostly lower. China's 10-year government bond was an exception. The yield rose a few basis points on the week to poke above 3.3% for the first time in over a year. The ... (full story)