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Soft data drags back US dollar ahead of Jackson Hole
The dollar nursed a sharp pullback against Asian currencies on Thursday, after softer-than-expected global economic data muddied the interest rate outlook and pushed down U.S. yields ahead of the Federal Reserve's Jackson Hole symposium. The Australian dollar, which has been taking a battering for a few months on signs of China's slowdown and resilience in the U.S., jumped 0.9 per cent overnight after U.S. manufacturing and services PMIs missed expectations. "Weaker than expected ... data led markets to scale back their expectations for U.S. policy," said Commonwealth Bank of Australia currency strategist Carol ... (full story)