The US dollar's slump seen in the final two weeks of 2017 is carried into today's activity. The greenback's sell-off extends to the emerging market currencies as well. The Hungarian forint is the strongest rising nearly 1%, ostensibly helped by the euro approaching last year's high. However, our sense that fumes and momentum more than fresh news is pushing the dollar down is illustrated by the Korean won. It has gained nearly 0.9% today even though its manufacturing PMI fell below the 50 (49.9) boom/bust level for the first time in six months. The same can be said for sterling. It is up 0.3% and at three-month highs, ... (full story)