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Without More Interest Rate Support, the Dollar may Falter
The US dollar rose against most of the major currencies last week but has yet to break above key levels that would signal a new leg higher. At least part of the problem is that interest rates are not fully cooperating. The US 10-year yield peaked on October 27 near 2.48% and hit 2.32% after the mixed jobs report. The dollar closed above JPY114.00 for the third consecutive session ahead of the weekend, but there is no momentum. The greenback has spent the past two weeks chopping JPY113.00 to about JPY114.50. The daily technical indicators are not generating strong signals, though the Slow Stochastics have turned ... (full story)