In spite of last week’s weak US payrolls report and this week’s soft CPI data, the dollar has, on net, risen against all other major currencies this week. This may be partly a result of hawkish comments from Fed officials in the aftermath of the CPI release, which prompted a rebound in Treasury yields towards the end of the week. The dollar also appears to have started to reflect the recent strength in US economic data relative to other advanced economies.
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