The dollar managed to recover aggressively on Friday |
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The dollar managed to recover aggressively on Friday and thus to end the week higher, but this only shows the nervousness of the market, as the reasons for strength were simply not there. The ECB met the market expectations and tightened borrowing costs by 25 bps to 4.25 percent, but then President Trichet signaled the ECB wasn't planning another rate rise, also as expected. Non-farm payrolls fell in June roughly as expected, but the revisions of the previous two months were horrendous. But
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