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EUR/USD: Shrugs off hawkish ECB speak; US dollar firms after impressive ISM services report
The dollar’s rise is starting to unnerve everyone. Last night, both Japanese and Chinese officials attempted to thwart the greenback’s rally, but weren’t effective. The ECB is also trying to talk up the odds of a September rate hike, but disastrous German factory order data reminded us how bad of shape the eurozone’s largest economy is in. The king dollar trade has returned over the past month and half as the US growth exceptionalism trade appears to be firmly in place. Today’s ISM service report was a strong reminder that US economic outperformance will easily be the theme in Q3. The August ISM Service ... (full story)