The dollar has turned fractionally softer, giving back some of the gains that it saw on Friday. Ranges among the main currencies have remained narrow, and holidays across Europe today will only exacerbate the quiet conditions. The dollar’s ebb has been concurrent with the 10-year Treasury yield dipping below recent two-week lows near 1.610%. Market expectations for Fed policy to stay the course with ZIRP and refrain from tapering remained anchored, along with the associated buy-in to the inflation-is-transitory argument.
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