Bears Drive the Greenback Lower, but was it Too Quick?

The US dollar had one of its worst weeks of the year. The Dollar Index, heavily weighted toward Europe, fell around 1.7%. The greenback fell against all the majors, from 1.2% versus the yen to 4% against the Norwegian krone and 3% against the Australian dollar. Many participants were caught wrong-footed by the dollar’s drop and the sharp drop in US yields. Equities were unexpectedly strong, and impressively, the Nikkei posted its highest close since 1991 ahead of the weekend, despite the yen’s strengthening to its best level in eight months. The macro news stream will be considerably light next week. Even if nothing … (full story)

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