Global Forex Market
THE dollar slumped for another week by 0.47% to a five-week low of 93.112 driven by the euro rally, thin trading volume due to the Thanksgiving holidays, the stronger euro and dovish FOMC minutes which showed concerns among policymakers about the necessity for a December rate hike as inflation remained tepid. Also dragging the dollar lower was weaker-than-expected durable goods orders which declined 1.2% month on month in October (consensus: +0.3%) and Michigan consumer sentiment which fell to 98.5 (consensus: 98).
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