The dollar is lower across the board, against other G7 currencies and emerging-world currencies. The Fed minutes from the late October FOMC meeting kept a December rate hike on the table, with members mulling diminished downside risks from "global economic and financial developments," but the signal of policy after December had dovish undertones, suggesting a very gradual and cautious path. This was tonic for stock markets, but toxic for the dollar. EUR-USD consequently lifted to a three-day high of 1.0718, though a still-bearish euro market subsequently sent the pair back under 1.0700.
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