The U.S. dollar was mostly firmer vs. the majors. EUR/USD made a marginal new low for the cycle at 1.2111, helped by rumors of a France downgrade, but then spiked higher during North American trading before closing lower on the day. With a negative news stream likely to continue, we believe the euro bear trend remains intact.Yen was firmer, too, but kept up with the buck and so dollar/yen stayed around 91. EM FX were mostly softer. Only gainers on the day vs. USD were GBP, ILS and JPY, while biggest losers vs. USD were INR, AUD, MYR, PLN and CZK.
Dollar Shows Strength
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