The dollar had a rough week. Despite a series of economic data showing that the US economy was surging by more than expected, the greenback failed to muster any traction and fell against all the major currencies and most emerging market currencies. The US 10-year yield tumbled eight basis points last week, the most since last August, and down 15 bp over the past two weeks. The 30-year yield dropped by a little more than six basis points to extend its retreat for the fourth consecutive week and bring the cumulative decline to about 17 bp. While I had expected the surge in prices and activity to have lent support to ... (full story)