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POSITIVE vibes continue to emerge from Wall Street. The US dollar index continued to head higher as the US equities reached its highest since 2007. The better-than-expected US jobs report, the spending cuts under sequestration, continued selling of Japanese Yen and downward pressure on the euro were the added drivers.
GIVEN the stimulus measures of the Bank of Japan went unopposed at the G-20 meeting, investors took the opportunity to sell the currency taking the US dollar/yen pair but it failed to break the psychological 100 mark on the back of Dish outbidding Softbank's bid and the extreme dump resulting from the Boston terror attack.