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The dollar traded marginally firmer for the most part. EUR-USD edged out a nine-day low of 1.2632, which is 15 pips below yesterday's low, and USD-JPY firmed to a peak of 107.35, two pips shy of yesterday's peak. A bout of yen selling was seen after the BoJ auctioned debt at a negative yield for the first time. NZD-USD dove sharply to an eight-day low of 0.7831 after New Zealand Q3 CPI came in at +0.3% q/q, below the median forecast for 0.5% q/q, which prompted RBNZ rate hike expectations to be pushed out. AUD-USD edged moderately lower to the mid-0.87s.
The dollar was mixed in N.Y. trade on Wednesday, gaining ground against the euro, CHF and yen, while stumbling against the euro, and losing ground to the CAD following a not-so-dovish BoC policy statement. Talk of the ECB's plan to buy corporate bonds kept pressure on the euro, while USD-JPY held over 107 after U.S. CPI data, firmer Yields and a morning Wall Street Rally. Stocks later turned lowed, which took dollar-yen from its highs over 107.35, back under 107.20.
James Hamilton, who blogs over at Econbrowser, has done extensive research into the macro-level effects of oil prices. His research has concluded that a large percentage of post-WW II recessions have been caused by oil price shocks. In addition, oil is one of the most important variables effecting inflation calculations and consumer spending. Therefore, the recent drop in oil prices has profound implications for macro-level economic analysis.
The dollar was generally firm. EUR-USD lost about half a big figure from on the early London high at 1.2939, taking the pair back below 1.27.
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