It was the US dollar that largely dominated investor activity into the end of last week. While US equities like the Dow Industrials faded the uptick against the all-time highs and Italian bond yields stabilised under 5%, hard assets such as crude oil and base metals extended their weakening price trend. USD strength was also notable in the FX markets, in particular against the commodity currencies where USD/CAD continues to push higher in range and AUD/USD has broken below important supports.
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Barclays