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Consolidation Featured Ahead of Tomorrow's US Retail Sales and Friday's Japanese Wage News
We came into this week expected the dollar to rise on the back of a recovery in rates. The two-year note has risen from 4.40% after the jobs report to 4.60%. The dollar's rise has been less impressive. The Dollar Index had begun with week with a six-day fall in tow. Today is it is rising for the third session. However, the gains have been a modest 0.80% off the pre-weekend lows. The dollar broadly is consolidating in narrow ranges thus far today in quiet turnover. Despite promising reports on wage negotiations in Japan, the yen is softer for the second session. A quiet North American session is expected ahead of ... (full story)