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Currency Market Analysis

Global Themes

The U.S. dollar caught a reprieve but not before slumping to fresh multiyear lows overnight. The dollar is off to a dismal start to the year, adding to its woes in 2017 when it shed 10% on a trade-weighted basis, its worst year since 2003. Much of the dollar’s malaise stems from a brightening economic backdrop in Europe that has euro bulls pulling forward expectations for the ECB to scale back stimulus and eventually raise interest rates. But the euro’s rapid rise this year isn’t sitting well in Frankfurt, as ECB officials attempted to talk down their currency from fresh three-year peaks. Ster

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