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THE US dollar remained fragile as the currency flirted with three-week lows against the euro and weakest in nearly five years against the pound on the back of stiffer US macro headwinds, news of somewhat better inflation in Europe and faster-than-expected UK manufacturing numbers.
AFTER a short-lived rebound, the dollar tumbled by 1.8% this week to a nine-month low of 95.63 on Thursday weighed down by the rally in euro and pound, dovish comments from Fed Chair Yellen as well as weak jobs and housing data despite an upwards revision of first quarter Gross Domestic Product .
DESPITE the Fed chair’s hawkish comments on Tuesday before the House Financial Services Committee, as well as upbeat inflation and retail sales data this week, gaining 0.6% month on month (m/m) and 0.4% m/m, respectively, the Dollar Index fell this week by 0.5%, closing at 100.96 on Thursday.