The US dollar is firmer against the major and most emerging market currencies. Poor data from Australia, in the form of an unexpected drop in building approvals, and disappointing European manufacturing PMI readings and softer German states' inflation took a toll ahead of this week's events. Steady US Treasury yields and the rally in the Nikkei (+2%) helped lift the dollar above JPY102, but last week’s high near JPY102.15 remains intact. The euro looks poised to test last week’s low near $1.3585. Sterling is faring better, but a test on the pre-weekend low near $1.6715 and a return to last week’s lows, just below ... (full story)