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Charts Suggest Scope for One More Push Lower for the US Dollar before a Correction
The US dollar traded heavily last week, falling against all the major currencies but the Canadian dollar. The Bank of Canada softened its neutral stance a few hours before the Federal Reserve signaled a pause after delivering its third rate cut to complete its midcourse correction. The Federal Reserve's real broad trade-weighted dollar index, which arguably is the single best measure when considering the economic impact of changes in foreign exchange prices, eased in October by a little more than 0.5%. With two months left in the year, it up by a little less than a quarter of one percent here in 2019. This index has ... (full story)