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THE US dollar index, DXY, remained its upward momentum boosted by the better-than-expected core inflation data and the comments on interest rates from Federal Reserve chair Janet Yellen last Friday which enticed strong buying interests from traders upon returning from the Monday holiday.
IN the first half of the week, the US dollar rode a safe haven rally to one-month high against the euro, its strongest in three months against Canada’s loonie and to fresh five- and six-year highs against the New Zealand and Australian dollars. Markets flocked for the US dollar due to swift downturn in oil, to ride out uncertainty stemming mainly from Greece’s ongoing debt crisis.
THE US dollar recovered from multi-week lows against the euro and the yen from a risk-off starts to the week, which dragged the greenback to slip to two-week lows against its biggest peers as worries intensified about slowing growth abroad while Chinese stocks sank more than 8% in eight years as concerns grow over the sustainability of the government-supported market rebound.