The dollar weakening theme continued into the London interbank open today. The narrow trade-weighted USD index (DXY) fell to a new trend low at 91.78, a level last seen in April 2018. The dollar, by this measure, is down by nearly 11% from the near four-year high that was seen back in March. Bearishness about the U.S. currency abounds, especially in the wake of Fed Chairman Powell confirmation last week of the framework regime shift at the FOMC (which was generally expected, but the timing of the announcement came earlier than most had been anticipating).

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