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Greenback Consolidates Two-Day Surge
The US dollar is consolidating its the two-day surge since the jobs data at the end of last week. The Reserve Bank of Australia did not rule out additional rate hikes, and although the derivatives markets do not think it is likely, the Australian dollar is the best performer in the G10 today with a small gain. An unexpectedly strong German factory orders report failed to help the euro much and it languished near yesterday's low. Sterling finally broke out of its $1.26-$1.28 range and is also moving sideways in a roughly $1.2530-65 range. Signs that Chinese officials are stepping up their support for the equities saw ... (full story)