The dollar rose against all the G10 currencies last week except for the Swiss franc. The gains were concentrated against the dollar-bloc currencies and the Scandis. Neither sterling nor the Australian dollar drew comfort from their central bank rate hikes. Nor for that matter was the Mexican peso pushed, except for the initial reaction, to the unexpected rate cut. The US midterm election results boosted two narratives. The first was on limits to data centers. The second was a more optimistic of ending the war with Iran. The Philadelphia Stock Exchange Index fell by almost 12.5% last week. Even if one wants to link ... (full story)