The dollar is trading with a slightly heavier bias as some of its recent gains are pared. Sterling has moved back into the $1.26-$1.28 trading range that dominated since the middle of last December until the start of this week. The euro is also trading a little firmer despite another large drop in German industrial output (-1.6%). The Japanese yen, Swiss franc, and Norwegian krone are the notable exceptions with a softer profile. Emerging market currencies are mostly firmer. Yet, the lower yielding currencies G10 currencies are trading softer, among emerging market currencies today, the high yielding ones are trading ... (full story)