Background

There were few major macroeconomic developments of major significance during the second half of May.

The currency market remained expectedly volatile while the weak US dollar had to be supported by the Japanese Yen. On Friday (May 31), however, the slide of the dollar was halted temporarily by better than expected economic results. This was against the background of the dollar losing up to 8% of its value in relation to the Euro and the Yen during the previous three-month period. If Friday’s events signal the beginning of an orderly retreat from this situation, it is to be hoped that it will be long lasting.

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