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The dollar rallied in early N.Y. trade on Thursday, buoyed initially by the ECB, a much narrowed July trade deficit, and nearly in-line jobless claims. The August services ISM was better than forecasts, and early action saw Wall Street rally, and yields move lower, largely following bund yields lower after dovish ECBspeak. EUR-USD was the driver of dollar gains, as it fell from 1.1235 to better than two-week lows of 1.1088, after the ECB's Draghi spun a very dovish outlook, and opened the door to wider scope in the Bank's QE program.
The ISM manufacturing and services releases this week show that the US economy is resilient in the face of international weakness.
The dollar continued to trade firmly, especially against sterling after an unexpected drop in UK service PMI data. Cable clocked a fresh three-month low at 1.5237 on news that the PMI dove to a 27-month low of 55.6 in the August survey from Markit, down from July's 57.4. The data point to a slowing in growth momentum in the UK economy, adding impetus to the recent tapering in BoE tightening expectations. Elsewhere, USD-JPY nudged out a two-day high at 120.70 during the Tokyo session, subsequently drifting back under 120.50 during the European AM session.
The dollar continued to hold firm against most other currencies. EUR-USD logged a four-day low of 1.1205, while USD-JPY nudged out a two-day high at 120.70. AUD-USD remained heavy, dipping back to the 0.7000 area after an early Sydney run to 0.7062. Stock market volatility remained relatively muted for a second day with Chinese markets today having commenced their four-day hiatus for a national holiday, removing a recent source of bearish contagion from the global scene.
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