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THE US currency slipped against most rivals in a getaway day for Thanksgiving holiday and also can be traced to weaker economic reports including US consumer morale at its lowest in seven months in November and weak US capital goods orders as its core capital goods orders dropped again, mirroring firms’ reluctance to ramp up their investment spending.
THE US dollar was in a consolidation mode on weaker Chinese data and deflationary fears following the sharp plunged in copper prices. The increased demand for safe assets pushed the yield of the 10-year US Treasuries down to 2.64%, from last Friday’s peak of 2.82% and saw broad sell-down in global equities while investing community dumped the US equities.
AS widely expected, the US Federal Open Market Committee (FOMC) decided to taper the size of its monthly asset purchases by another US$10bil. The committee announced that it will now purchase US$55bil in assets each month – US$25bil in mortgage-backed securities (down from US$30bil) and US$30bil in Treasury debt (down from US$35bil) beginning in April.