Summary: With risk sentiment slipping into a more profound funk to start the week, the yen continues to bash its was stronger against every other currency, but the USD has changed course and is finally waking up to its role as a fellow safe haven when global risk assets are on the defensive. One key driver besides the COVID-19 resurgence is the sudden further...
The late strengthening in the Chinese currency has taken on strong new momentum this week and may be behind some of the broader pressure on the US dollar ahead of an interesting Retail Sales report tomorrow as well as the FOMC meeting and the latest economic and policy projections after the US recovery has outpaced expectations from its June forecasts.
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