The consolidation/correction in the US dollar that we anticipated on technical grounds was brief and shallow. A series of developments seemed to play into the bear's hands. The developments from the shift in how China sets the reference rate, the wariness of some to expand its Treasury holdings, to less super-long bond buying by the BOJ and a more hawkish twist in the record of last month's ECB meeting all seemed to provide new grist to sell the greenback. The UK appears to have won over support from Spain and the Netherlands for softer terms for Brexit and this helps send sterling sharply ahead of the weekend after ... (full story)