The US dollar rose against all the major and most of the emerging market currencies last week. The Dollar Index made a new marginal high for the year. Although US jobs growth disappointed in November and the flash Markit PMI and manufacturing output was weaker than expected, poor data abroad helped underpin the dollar by default. UK Prime Minister survived a challenge from within her party, but the way forward is not clear and is a source of pressure on sterling. Despite the decline in US yields and increased equity volatility, the dollar has been resilient against the yen. Last week's 0.6% gain is the third increase ... (full story)