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The US dollar was generally stronger last week. The dollar-bloc currencies and sterling bore the weight most. Decreased appetites for risk, illustrated by losses in the major equity benchmarks, seemed to have played a role. Sterling fell every day last week to reach its lowest level since late March ahead of the weekend. While there was discussion of the possibility of negative rates in the US, the UK two-year yield has remained below zero for the past three sessions. New Zealand, which explicitly played up the possibility of negative policy rates, while doubling its bond-buying,