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Calmer Markets Ahead of the Weekend
The dollar is paring yesterday's advance that was spurred by the rise in US rates following the preliminary PMI, which reached its best level in two years. The survey also picked up higher prices. The dollar is in narrow trading ranges but softer against nearly all the G10 currencies today. The Swiss franc and Japanese yen are laggards. Despite a large disappointing miss on UK retail sales, sterling has steadied after falling yesterday for the first time in five sessions. The Dollar Index approached but did not take out the 20-day moving average (105.10), which it has held below since May 2. Emerging market ... (full story)