Yesterday's slide in the dollar deepened significantly today with the Euro breaking the psychologically important 1.20 level and USD/JPY falling far below 118.00.
Fueled by an ever widening US current account deficit traders pounded the dollar lower and bid sterling long positions on the day. Topping the positive list, the underlying pair rose within a 160 pip range to crash through previous resistance at the 1.7400 figure.
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