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Yesterday's Gains Unwound may Make the Greenback a Better Buy Ahead of FOMC Minutes
Yesterday's greenback gains have been mostly reversed today. New efforts by China in its property market and anticipation of more stimulus helped rekindle the animal spirits today. Asia and Europe shrugged off yesterday's losses on Wall Street and the rally in bonds continued. The 8-12 bp decline in European benchmark 10-year yields comes even though the final composite PMI was better than expected fanning hopes of a short and shallow economic downturn. The Australian dollar is leading the G10 currencies higher with the help of the risk-on mood and reports suggesting that after two years, China may resume buying its ... (full story)