The dollar continued to descend in the wake of the Fed's unexpected dovish turn yesterday. EUR-USD gained another 1% in making a fresh five-week high at 1.1343 and USD-JPY shed another 1.2% on route to a three-week low at 111.13. The yen trade mixed against other currencies. Japanese export data disappointed, falling 4.0% y/y in February, although improving from the 12.9% decline of January. Commodity and emerging currencies fared well, with NZD-USD outperforming with a 1.5% advance today, bringing the gain since the Fed's announcement to 3.4%.
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