And the second quarter is supposed to be the weakest quarter, with a pickup in the third quarter.
There's a chance the euro has seen its high for the cycle and Asian currencies have further to adjust.
Interest rate expectations are driving the dollar.
Headline inflation is moving up. A rate hike is likely in the fourth quarter.
The yen is the currency we really like right now.
As the appetite for risk declines, investors are becoming more defensive and more domestically focused.
The intervention addresses the issue of a lack of global leadership. It shows that somebody is in charge.
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