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On the back of today’s US macro data, which have all been stronger than expected, you would expect the dollar to rally. After all, the Consumer Price Index (CPI) rose by 0.4% in April, housing starts jumped 6.6% from a month earlier, industrial production increased 0.7% month-over-month and capacity utilization rose to 75.4 per cent. Yet the dollar has actually weakened while stocks have drifted lower. Buck-denominated precious metals have therefore shone. When positive data – like those mentio…
