UAUD - Without Yield Support The Dollar Wilts

• The Canadian dollar has appreciated by almost 3.4% since the Bank of Canada's April meeting. It is the strongest of the major currencies.
• China reported a smaller than expected rise in last month's consumer prices, but a larger rise in producer prices.
• Gold is unable to benefit from the weaker dollar and lower interest rates. The upside momentum that had carried it briefly above $1900 fizzled.
• The US reports wholesale inventory data today ahead of tomorrow's May CPI.

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