The dollar gave back last week's gains vs. the Euro and then some as the focus turned to the Fed’s interest rate decision next Thursday. A general feeling that the Fed will not hike rates at their September meeting has seen dollar bulls reduce exposures, squeezing weak longs in the process. EU economic data over the week added momentum as improved industrial production numbers out of Germany on Monday and Euro zone GDP growth reported on Wednesday prompted more buying interest in the EUR.
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Last week’s devaluation of the Chinese Renminbi has continued to keep the foreign exchange markets on edge this week, though the CNY seemingly has stabilized for the moment. Continued fears regarding China’s growth have sustained the risk-off posture of the markets this week and, along with somewhat dovish Fed minutes released Wednesday, have helped to push the dollar lower from last week’s levels. The persistent sell-off in crude oil, now at six year lows, has also darkened the cloud over the global economic outlook.