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19

Currency Market Analysis

Global Themes

The U.S. dollar’s latest rally petered out as it encountered technical resistance. The U.S. currency was flat to softer against the euro and sterling, firmer against the yen and weaker against Canada’s loonie. Emerging markets also strengthened against the greenback. The broadly weighted U.S. Dollar Index overnight nearly pushed to fresh October highs, a move that would have lifted it to two-month peaks. The dollar was still on track for a winning week thanks to Fed minutes that pointed to the central bank raising rates at a steady pace over the coming year. Dollar sentiment remains positive w

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