While the US dollar appears to be consolidating its recent gains, the Japanese yen and Chinese yuan remain under pressure. Officials seem more concerned about the pace of the move than the level it has reached. New and large fiscal initiatives that the new UK government has floated has failed to change sentiment toward sterling, which is the second weakest major currency today after the Japanese yen. The yen’s weakness did not prevent new losses in Japanese equities, and most equities in the Asia Pacific region fell, except China. Europe’s Stoxx 600 is lower, giving back yesterday’s 0.25% gain and more. US futures ... (full story)