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US Dollar Recovers from Yesterday's Slide, but Slumps Against the Yen
The dollar's losses scored after yesterday's disappointing ISM manufacturing report were extended initially in Asia Pacific turnover earlier today before it recovered. The recovery has stretched the intraday momentum indicators, warning against expected strong follow-through dollar buying in North America, without fresh impetus. Amid position adjusting and crosses unwinding, the yen is resisting the dollar's recovery and is the strongest of the G10 currencies. A slightly firmer than expected Swiss CPI has seen the market shave the odds of a SNB rate hike late this month. This is allowing the franc to recover a little ... (full story)