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Careful about Chasing the US Dollar Lower in North America Today
The bout of profit-taking on long dollar positions begun last week has carried into the start of this week. Despite the escalating rhetoric, the yen is not participating today and is trading within the pre-weekend ranges. The greenback’s lows have been set in the European morning and have stretched the intraday momentum indicators, suggesting that North American dealers may not follow suit. The uncertainty about the Swedish election outcome has not prevent the krona from leading the major currencies higher with a nearly 1.6% gain. Emerging market currencies are also mostly higher, led by the central European ... (full story)