The dollar remained on a softening path in what is now a fourth consecutive trading day of weakening, which has spanned over phases both risk-on and risk-wary sentiment in global markets, alongside a continued ascent in Treasury yields. Overall, as witnessed by gains in commodity prices over this period, which have been attributed by some market narratives today as helping revive stock market sentiment in Asia, the reflation trade remains in play. Copper prices, for instance, hit fresh 10-year highs today, and are up by nearly 20% on the year to day and by 62% from year-ago levels.

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