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US Dollar Losses Extended
The US dollar remains on the defensive after retreating yesterday. Its losses against the most of the major and emerging market currencies are being extended today. The combination of softer US inflation coupled with a less dovish than expected ECB, a Bank of England lifting growth forecasts, while warning that a Brexit without an agreement could spur higher mortgage rates, and a more aggressive rate hike by Turkey conspired to force the dollar lower. A weaker than expected CPI report plays into the hands of the doves at the central bank who are reluctant to remove the proverbial punch bowl and offer a contrast to it ... (full story)
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