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Greenback's Gains Pared Mostly, but Extended Against the Yen
The Antipodeans and the Scandis led last week's move against the dollar, registering more than 1% gains. The yen was the weakest of the major currencies, falling almost 1.75%, its worst week since March 2020. The JP Morgan Emerging Market Currency Index initially declined to a new low for the year before recovering to snap a five-week slide and gain nearly 0.45%. Despite the six basis point gain ahead of the weekend, perhaps helped by a stronger-than-expected September retail sales report, the 10-year note yield of 1.57% was off about four basis points on the week. The short end of the coupon curve was firmer as the ... (full story)