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Dollar Posted Advancing Week Ahead of the Last Big Week of the Year
The US dollar rose against all the major currencies last week. It seemed primarily a function of position squaring in year-end dealings. Elevated expectations of US tax reform, some renewed talk of an infrastructure initiative, and data that gave no reason to doubt a Fed hike next week, helped bolster the dollar, after the downside momentum eased the prior week. The Dollar Index rose every day last week, for the first time since February. The 1.1% weekly advance was the most in six weeks. The gains took the Dollar Index to the 61.8% retracement objective of the November decline, which is found near 94.15. The ... (full story)