The dollar rebound rally has lost gas, with EUR-USD edging out a two-day high and the buck trading softer versus sterling, the Australian dollar, among others, although USD-JPY still managed to eke out a 12-day high. The dollar had been shorted into the weekend, when concerns about the impact of Hurricane Irma and fresh ratcheting up in geopolitical tensions were at an apotheosis, and driving the rebound on Monday and Tuesday had largely been an unwinding of this positioning. This now seems to have run its course. Global stock markets seem to have seen a similar dynamic.
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