The US dollar is trading with a slightly heavier tone in the European morning. It has stalled in front of JPY145.90, where the BOJ intervened last September and ahead of CNY7.30, which some observers think Chinese officials are defending. We are less convinced that either central bank has drawn a line at a particular level and suspect it is too early to be confident that the greenback has peaked against either. On the back of yesterday's wage figures and today's CPI, sterling has extended yesterday's gains marginally. The greenback is softer against most emerging market currencies today. It is hard to call today a ... (full story)