FX Action: The Dollar Saw Its Biggest One-Day Drop
The unexpected contraction in the U.S. November manufacturing ISM report was responsible for the dollar's currency downturn, which came concomitantly with an erosion in the dollar's yield advantage against other major currencies. The 10- year U.S. T-note yield spread over the Bund, for instance, has shrivelled by about 7 bp since the data release.
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