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Dollar in retreat again

The US retail sales data has seen the dollar weaken, with EURUSD back above 1.27 and USDJPY at the week’s lows of 106.57. Headlines sales fell 0.3%, with PPI data also slightly softer than expected. We’ve seen a big shift in the past two weeks as markets become more concerned regarding the global growth outlook, as seen in both the US 2Y yield and also oil prices.

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