The US dollar struggled the week before Christmas, despite the final approval of tax changes and a backing up of US interest rates. The dollar fell against most of the major currencies except the Japanese yen. The yen is particularly sensitive to changes in the US 10-year yield and the 14 bp increase over the past week, the most in Q4, kept the yen under pressure. However, even with the US 10-year yield reaching nine-month highs, the market, or what is left of it, showed little enthusiasm for the greenback as it approaches the upper end this month's range (~JPY113.75). Still, the bottom end of the recent range ... (full story)