In a typical ‘Risk’ move the dollar had a good day against almost all of the majors, except the Japanese Yen. Despite a meeting between Democrats and Republicans the Government remains in partial shutdown as President Trump continues to hold out for his money for the wall. Apple’s announcement highlights the slowdown in the Chinese economy, almost certainly impacted by the trade war between the US and China, while adding to the problems for the global economy. We continue to be cautious about downside for the dollar while there is so much instability, history shows that when really serious problems occur the US currency generally tends to outperform.
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