The US dollar was strong last week, even though it ended up slightly lower against the Canadian dollar. Sterling fell to new six-month lows while the euro recorded its lowest level since late March, and the Australian dollar fell to new lows for the year.  Led by a 2% fall in the South African rand, with the bulk of the sell-off coming after the central bank kept policy rates unchanged, which is now lower on the year, most emerging market currencies weakened.  The Russian rouble was the strongest in that space, though the lion's share of the gains came before the central bank hiked its key rate by 100 ... (full story)