The US dollar enjoyed a firmer bias last week despite the disappointing jobs growth reported on September 3. The Norwegian krone was the only major currency that gained against the greenback. Brent was less than a quarter of a dollar firmer, so the likelihood of the central bank raising rates later this month offers a more compelling explanation. The Australian dollar was the weakest, even though the Reserve Bank of Australia signaled it would proceed with plans to reduce its bond purchases this month. The JP Morgan Emerging Market Currency Index fell by nearly 0.5%, its first decline in three weeks. The macro ... (full story)